GRACE for Military Survivors Act
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the GRACE for Military Survivors Act, extends the timeframe for military survivors to contribute death benefits to Roth IRAs and Coverdell education savings accounts. Currently, survivors have one year to make these contributions, but this bill increases that period to three years. The changes apply to death benefits received under specific military codes and aim to provide greater financial flexibility for families of fallen service members. The bill also includes a retroactive provision to cover contributions made before the bill’s enactment date.
Key provisions
- Extends the contribution period for military death benefits to Roth IRAs from one year to three years.
- Extends the contribution period for military death benefits to Coverdell education savings accounts from one year to three years.
- Applies to death benefits received under Title 10 (Army) and Title 38 (Navy and Air Force).
- Includes a retroactive provision to cover contributions made before the bill’s enactment date.
Who is affected
- Military survivors
- Families of fallen service members
- Roth IRA account holders
- Coverdell education savings account holders
Notable changes
- Increases the contribution window for military death benefits from one year to three years.
- Retroactively applies to contributions made prior to the bill's enactment.
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
64 on record
Primary sponsor
Cosponsors
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours