S 1870
Enhancing Emergency and Retirement Savings Act of 2021
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Bill overview
The Enhancing Emergency and Retirement Savings Act of 2021 allows individuals to take penalty-free withdrawals from certain retirement plans, up to $1,000 per year, to cover emergency personal expenses. These withdrawals must be repaid to the plan over a three-year period. The bill also provides a mechanism for individuals to contribute funds back to their retirement plans to satisfy the repayment requirement, with specific rules applying to different types of plans.
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