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Protecting Public Safety Employees' Timely Retirement Act of 2022

12/29/2022, 6:05 PM

Summary of Bill HR 8319

Bill 117 HR 8319, also known as the Protecting Public Safety Employees' Timely Retirement Act of 2022, aims to address the issue of retirement benefits for public safety employees. The bill specifically focuses on ensuring that these employees are able to retire in a timely manner without facing financial hardship.

The bill proposes several key provisions to achieve this goal. Firstly, it seeks to provide additional funding to state and local governments to help cover the costs of early retirement for public safety employees. This funding would help alleviate the financial burden on these employees and their families as they transition into retirement.

Additionally, the bill includes measures to streamline the retirement process for public safety employees, making it easier for them to access their benefits in a timely manner. This includes reducing bureaucratic red tape and ensuring that retirement benefits are processed efficiently. Furthermore, the bill aims to improve the overall well-being of public safety employees by providing access to resources and support services to help them navigate the retirement process. This includes financial planning assistance, mental health support, and other resources to ensure a smooth transition into retirement. Overall, Bill 117 HR 8319 seeks to prioritize the well-being of public safety employees by ensuring that they are able to retire in a timely manner without facing financial hardship. By providing additional funding, streamlining the retirement process, and offering support services, the bill aims to improve the overall quality of life for these dedicated public servants.

Congressional Summary of HR 8319

Protecting Public Safety Employees' Timely Retirement Act of 2022

This bill modifies the eligible age (age 50) for the exemption from the retirement plan early withdrawal penalty for public safety officers. The bill establishes the age eligibility at age 50 or 25 years of service under the plan, whichever is earlier.

Current Status of Bill HR 8319

Bill HR 8319 is currently in the status of Bill Introduced since July 7, 2022. Bill HR 8319 was introduced during Congress 117 and was introduced to the House on July 7, 2022.  Bill HR 8319's most recent activity was Referred to the House Committee on Ways and Means. as of July 7, 2022

Bipartisan Support of Bill HR 8319

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
4
Democrat Cosponsors
2
Republican Cosponsors
2
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 8319

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 8319

Protecting Public Safety Employees' Timely Retirement Act of 2022
Protecting Public Safety Employees' Timely Retirement Act of 2022
To amend the Internal Revenue Code of 1986 to modify the eligible age for the exemption from the retirement plan early withdrawal penalty for public safety officers.

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