HR 329
Expanding Penalty Free Withdrawal Act
Jurisdiction
US Congress
Session
119th Congress (2025-2026)
Last updated at
Jun 14, 2026, 6:54 AM
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Expanding Penalty Free Withdrawal Act, aims to make it easier for unemployed individuals to access their retirement savings without incurring a penalty. It expands an existing exception in the tax code, allowing individuals who have been unemployed for 26 consecutive weeks (or the maximum allowed by state law) to withdraw funds from their retirement plans penalty-free. However, the withdrawals are limited and require a subsequent period of employment, and the amount accessible is capped to prevent excessive withdrawals.
Sponsors
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Primary sponsor
Cosponsors
Eleanor Holmes [D-DC-At Large] Norton
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