S.Amdt. 3021

SA 3021. Mr. SANTORUM submitted an amendment intended to be proposed to amendment SA 3011 proposed by Mr. Frist to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings of the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:

Insert at the appropriate place the following:

SEC. __. WAIVER OF 10 PERCENT EARLY WITHDRAWAL PENALTY TAX ON CERTAIN DISTRIBUTIONS OF PENSION PLANS FOR PUBLIC SAFETY EMPLOYEES.

(a) In General.--Clause (v) of section 72(t)(2)(A) is amended by inserting “(age 50 in the case of a distribution to a qualified public safety employee from a government plan (within the meaning of section 414(d)) which is a defined benefit plan)” before the comma at the end.

(b) Definition of Qualified Public Safety Employee.--Section 72(t) (relating to subsection not to apply to certain distributions) is amended by adding at the end the following new paragraph:

“(10) Qualified public safety employee.--For purposes of this subsection, the term ‘qualified public safety employee' means any employee of any police department or fire department organized and operated by a State or political subdivision of a State if the employee provides police protection, firefighting services, or emergency medical services for any area within the jurisdiction of such State or political subdivision.”.

(c) Effective Date.--The amendments made by this section shall apply to distributions after the date of the enactment of this Act.