Courtney Helps Introduce Bipartisan Legislation to Protect Retirement Savings
WASHINGTON, DC – This week, Congressman Joe Courtney (CT-02) and Representatives Brian Mast (R-FL), Harley Rouda (D-CA), and Brian Fitzpatrick (R-PA) introduced the bipartisan Fairness for Early Withdrawers Act (H.R. 7016) to safeguard American’s retirement savings during the coronavirus pandemic. H.R. 7016 would ensure that individuals are able to re-contribute all 2020 required minimum distributions back into their retirement accounts, helping to protect the economic security of older Americans.
“The COVID-19 pandemic has impacted all of our lives in ways we couldn’t have planned for,” said Rep. Courtney. “This bill is a commonsense solution to provide financial stability to Americans who already took their required minimum distributions before the pandemic began, and who are suffering a significant financial loss as a result. The bill waives the 60-day RMD rule, an easy fix which will create a huge impact, and will allow retirees to keep more of their hard-earned savings in their retirement accounts. The Fairness for Early Withdrawers Act will help make sure that this pandemic doesn’t force older Americans to drain their retirement savings. I’m glad to support this commonsense bipartisan bill, it’s the right thing to do, and I hope this fix can be implemented soon.”
Earlier this year, Congress passed the CARES Act, which waived 2020 required minimum distributions (RMDs) for defined contribution retirement accounts, including 401(k)s and traditional Individual Retirement Accounts (IRAs). The Fairness for Early Withdrawers Act builds on that legislation by waiving the 60-day rollover rule, thereby allowing all who took RMDs in 2020 to transfer the funds back into their retirement savings accounts.
For more information on the Fairness for Early Withdrawers Act, click here.