A bill to amend the Internal Revenue Code of 1986 to allow penalty-free withdrawals from retirement plans during the period that a military reservist or national guardsman is called to active duty for an extended period, and for other purposes.
Guardsmen and Reservists Financial Relief Act of 2004 - Amends the Internal Revenue Code to exempt from the ten percent penalty on early distributions from tax-exempt retirement plans withdrawals made by military reservists or national guardsmen called to active duty for a period in excess of 179 days or for an indefinite period. Permits reimbursement of such withdrawals within two years after the end of the active duty period.
Applies the provisions of this Act to individuals ordered or called to active duty after September 11, 2001, and before September 12, 2005, for retirement plan distributions made after September 11, 2001.
Passed Senate with an amendment by Unanimous Consent.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6093)
Introduced in Senate
Sponsor introductory remarks on measure. (CR S4769)
Read twice and referred to the Committee on Finance.
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