Washington, D.C. – Today, Senators Toomey and Bennet introduced the State and Local Corrections Officer Retirement Fairness Act of 2022 to require the federal tax code to treat state and local corrections officers the same as their federal counterparts by providing an exemption from a federal tax penalty imposed on early withdrawals from qualified retirement accounts.
Due to the physically taxing nature of this profession, many officers retire prior to age 59 , which is the age in which individuals can withdraw from qualified retirement accounts without facing a 10 percent early withdrawal penalty. In 2015, Senators Toomey and Bennet introduced the Federal Public Safety Retirement Fairness Act, which made all federal law enforcement officers eligible for an exemption to the early withdrawal penalty. With the State and Local Corrections Officer Retirement Fairness Act of 2022, eligibility for this exemption would expand to include state and local corrections officers.
“Law enforcement officers and public safety employees endure unique physical demands and stress throughout their careers, leading to earlier-than-normal retirements. This small change to the federal tax code will ensure that all of America’s law enforcement and public safety employees have access to this exemption and can utilize their hard-earned retirement savings penalty-free,” said Senator Toomey.
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