To amend the Internal Revenue Code of 1986 to waive the 10-percent additional tax on early distributions from section 401(k) plans in the case of hardship of certain employees due to facility closures, employers in bankruptcy, or plan termination proceedings.
401(k) Penalty Relief Act of 2005 - Amends the Internal Revenue Code to waive the penalty for premature distributions from a 401(k) retirement plan for employee hardship distributions due to the bankruptcy of an employer, the termination of a retirement plan, or the closure of a facility of the employer.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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