Bill > S2583

This bill amends the Internal Revenue Code to provide special rules for the use of retirement funds in connection with federally declared disasters. Key provisions include: - Allowing "qualified disaster recovery distributions" of up to $100,000 from retirement plans for individuals affected by a qualified disaster, with the ability to repay those distributions over 3 years. - Allowing individuals who received a "qualified distribution" for a home purchase in a disaster area but could not use it due to the disaster to recontribute those funds to an eligible retirement plan. - Increasing the loan limit from qualified employer plans for qualified individuals affected by a disaster and allowing a delay in loan repayments. - Providing plan amendment rules to allow plans to be operated in accordance with these new disaster-related provisions. The bill aims to provide relief to individuals who have been impacted by federally declared disasters by allowing them greater access to their retirement savings during the recovery process.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/2583/all-info