To amend the Internal Revenue Code of 1986 to temporarily suspend required minimum distribution rules for certain retirement plans and accounts.

Bill 117 hr 8331, titled "To amend the Internal Revenue Code of 1986 to temporarily suspend required minimum distribution rules for certain retirement plans and accounts," aims to provide relief for individuals with retirement plans and accounts during times of economic hardship. The bill proposes a temporary suspension of the required minimum distribution rules for certain retirement plans and accounts, allowing individuals to retain their funds in their accounts without being required to withdraw a minimum amount each year.

The bill recognizes that during times of economic uncertainty, such as the current COVID-19 pandemic, individuals may face financial challenges and may not want to be forced to withdraw funds from their retirement accounts. By temporarily suspending the required minimum distribution rules, individuals can maintain their retirement savings and potentially avoid financial hardship.

This legislation is non-partisan and focuses on providing practical relief for individuals with retirement plans and accounts. It does not seek to make any permanent changes to the Internal Revenue Code of 1986, but rather offers a temporary solution to help individuals navigate challenging economic circumstances. Overall, Bill 117 hr 8331 offers a thoughtful and practical approach to supporting individuals with retirement plans and accounts during times of economic hardship, and aims to provide much-needed relief for those facing financial challenges.