Section 1 Short title
This Act may be cited as the “Protecting Public Safety Employees' Timely Retirement Act of 2022”.
Protecting Public Safety Employees' Timely Retirement Act of 2022
A BILL
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.
Sec. 2 Modification of eligible age
In general— Subparagraph (A) of section 72(t)(10) of the Internal Revenue Code of 1986 is amended by striking “age 50” and inserting “age 50 or 25 years of service under the plan, whichever is earlier”.
Effective date— The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.