S 2276
Vested Employee Pension Benefit Protection Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Vested Employee Pension Benefit Protection Act, aims to allow certain workers in the building and construction industry to access funds from their retirement pension plans earlier than usual. Specifically, it changes the rules for multiemployer pension plans, allowing participants who are 55 or older and still working to take distributions without penalty, provided they were participants before April 30, 2013. The bill updates the Internal Revenue Code to accommodate this provision, ensuring these workers have access to their retirement savings while maintaining plan stability.
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Primary sponsor
Roy Blunt
Cosponsors
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