A bill to amend the Internal Revenue Code of 1986 to establish an exception to the penalty on early distributions from qualified plans for individuals diagnosed with certain terminal illnesses.
Kathryn Manginelli Act of 2021 or the Compassionate Retirement Act of 2021
This bill allows premature distributions, without penalty, from tax-exempt retirement plans that are made to an individual who is certified by a physician as terminally ill. It also modifies the definition of terminally ill individual to increase from 24 to 84 the number of months after certification that an individual's illness can reasonably be expected to result in death.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 480.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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