Bill
Bill > HR2953
summary
Introduced
05/04/2021
05/04/2021
In Committee
05/04/2021
05/04/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to allow pen- alty-free withdrawals from retirement plans for domestic abuse victims.
AI Summary
This bill, the Savings Access For Escaping and Rebuilding Act of 2021 (SAFER Act), aims to allow individuals who are victims of domestic abuse to withdraw up to $10,000 or 50% of their retirement plan balance, whichever is less, without incurring the usual 10% early withdrawal penalty. The bill defines "domestic abuse" broadly to include physical, psychological, sexual, emotional, or economic abuse, and allows the individual to repay the withdrawal amount back into their retirement account within a 3-year period. This provision is intended to help domestic abuse victims access their retirement savings to aid in escaping and rebuilding their lives.
Committee Categories
Budget and Finance
Sponsors (12)
Lucy McBath (D)*,
Troy Carter (D),
Lloyd Doggett (D),
Dwight Evans (D),
Brian Fitzpatrick (R),
John Katko (R),
Darin LaHood (R),
John Larson (D),
Gwen Moore (D),
Tom O'Halleran (D),
Lloyd Smucker (R),
Tom Suozzi (D),
Last Action
Referred to the House Committee on Ways and Means. (on 05/04/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/2953/all-info |
| BillText | https://www.congress.gov/117/bills/hr2953/BILLS-117hr2953ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr2953/BILLS-117hr2953ih.pdf.pdf |
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