Bill
Bill > S1889
summary
Introduced
05/27/2021
05/27/2021
In Committee
05/27/2021
05/27/2021
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 establish an exception to the penalty on early distributions from qualified plans for individuals diagnosed with certain ter- minal illnesses.
AI Summary
This bill, the Kathryn Manginelli Act of 2021 or the Compassionate Retirement Act of 2021, amends the Internal Revenue Code to establish an exception to the penalty on early distributions from qualified retirement plans for individuals who have been certified by a physician as having a terminal illness. Specifically, the bill defines a "terminally ill individual" as someone with a terminal illness with a life expectancy of 84 months or less, and allows such individuals to withdraw funds from their retirement accounts without facing the usual 10% early withdrawal penalty. The bill also requires individuals to provide sufficient documentation to the Secretary of the Treasury to be considered terminally ill under this provision.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Read twice and referred to the Committee on Finance. (on 05/27/2021)
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/senate-bill/1889/all-info |
| BillText | https://www.congress.gov/117/bills/s1889/BILLS-117s1889is.pdf |
| Bill | https://www.congress.gov/117/bills/s1889/BILLS-117s1889is.pdf.pdf |
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