HR 329 · in committee · major
Expanding Penalty Free Withdrawal Act
- economy
What this bill does
- Allows unemployed individuals to withdraw up to $50,000 early from retirement accounts without a 10% penalty tax.
- Applies to people receiving unemployment benefits for at least 26 consecutive weeks in the same or next tax year.
- The penalty returns if the person is rehired and works for 60 days or more.
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Community Threads
Started by Cosponsor
- 01
How would allowing $50,000 penalty-free withdrawals affect retirement security for workers who struggle to find jobs lasting beyond 60 days?
- 02
What evidence suggests that removing the 10% penalty incentivizes job-seeking behavior versus simply depleting retirement savings during unemployment?
- 03
Should the $50,000 limit and 26-week eligibility threshold apply equally across all states with different unemployment rates and costs of living?
Cosponsor writes these to seed civic discussion — they aren't user posts. Sign in to reply.
Sponsor · D-NJ-12
Bonnie Watson Coleman
Citizen cosponsors
0
In Congress
3/ 435
House Reps cosponsoring
Introduced 2025-01-09
Joining the bill
Legislative timeline
2025-01-09 · house · IntroReferral
Referred to the House Committee on Ways and Means.
2025-01-09 · IntroReferral
Introduced in House
2025-01-09 · IntroReferral
Introduced in House
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