HR 7016
Fairness for Early Withdrawers Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Fairness for Early Withdrawers Act, aims to provide flexibility for individuals who took early withdrawals from their retirement accounts in 2020. It temporarily waives the standard 60-day rule requiring these withdrawals to be rolled over into another retirement plan. Specifically, it allows participants to recontribute these distributions without the usual restrictions, easing the transition for those who needed access to their savings during that year. The changes are effective starting January 1, 2020.
Sponsors
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Primary sponsor
Cosponsors
Debbie Lesko
Derek Kilmer
Harley Rouda
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