S. 2474Senate108th Congress (2003-2005)In Committee

Guardsmen and Reservists Financial Relief Act of 2004

Introduced May 21, 2004

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6093)

May 21, 2004

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SenateIntro Referral

Introduced in Senate

May 21, 2004

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S6093)

May 21, 2004

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6093)

May 21, 2004

Floor Debate

12 members

What members said about S. 2474 on the floor

5 Republicans7 Democrats
Jon Kyl
Sen. Jon KylR-AZ · May 21, 2004

Mr. President, I rise today to introduce a bill that would repeal Sec. 224 of the USA Patriot Act. Section 224 provides that 16 different parts of the Patriot Act ``shall cease to have effect on…

Wayne Allard
Sen. Wayne AllardR-CO · May 21, 2004

Mr. President, I thank both the chairman and the ranking member on the Armed Services Committee for their courtesy this morning. I will take a few moments to clear up some of the debate last evening.…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · May 21, 2004

Madam President, let me request 10 minutes in morning business. If I see the Senator from Virginia desiring the floor, I certainly will not continue. Madam President, this week the Congress and the…

Jack Reed
Sen. Jack ReedD-RI · May 21, 2004

Mr. President, I rise today to introduce bipartisan legislation to expand access to college. I am pleased to be joined in this effort by Senators Collins, Kennedy, and Murray. In a year in which we…

Norm Coleman
Sen. Norm ColemanR-MN · May 21, 2004

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Are we in morning business? I ask unanimous consent to speak as in morning business. Madam President, as we…

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John Warner
Sen. John WarnerR-VA · May 21, 2004

Mr. President, my distinguished colleague, the senior Senator from Michigan, and I will momentarily address some of the pending amendments which have been cleared on both sides. I do, however, note…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · May 21, 2004

Mr. President, I rise today to introduce the Credit Card Minimum Payment Warning Act. I greatly appreciate the significant contributions Senator Durbin made to this bill, and I thank him very much…

Harry Reid
Sen. Harry ReidD-NV · May 21, 2004

Mr. President, while the two managers are on the floor, could I ask a question before I depart? We have a number of amendments we would like to lay down today and not have those amendments take…

Carl Levin
Sen. Carl LevinD-MI · May 21, 2004

I would be happy to do that, of course. Mr. President, I wonder if the Senator from--the committee chairman would yield for one minute. I was kind of surprised when I walked in a few minutes late on…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · May 21, 2004

Mr. President, I am delighted to be working with my friend the distinguished Senator from Hawaii, Senator Akaka, to introduce a measure that provides a simple yet vital commodity to users of credit…

Wayne Allard
Sen. Wayne AllardR-CO · May 21, 2004

Mr. President, I rise to introduce the Guardsmen and Reservists Financial Relief Act of 2004. National guardsmen and reservists are serving our country with virtue and valor in the war on terror.…

Wayne Allard
Sen. Wayne AllardR-CO · May 21, 2004

Mr. President, I rise to introduce the Guardsmen and Reservists Financial Relief Act of 2004. National guardsmen and reservists are serving our country with virtue and valor in the war on terror.…

Susan M. Collins
Sen. Susan M. CollinsR-ME · May 21, 2004

Mr. President, today, I am pleased to be joined by my colleagues, Senators Akaka, Fitzgerald, Lieberman, and Voinovich in introducing the Thrift Savings Plan Open Elections Act of 2004. This…

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Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · May 21, 2004

Mr. president, yesterday, the Comptroller General of the United States ruled that the Bush administration illegally spent taxpayer dollars for political propaganda in violation of two laws. To make…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · May 21, 2004

Mr. President, I ask unanimous consent to speak as in morning business for 15 minutes. Mr. President, I thank the Senator from Virginia. He has been a great leader in our country for our Armed…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued May 21, 2004
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2474 Introduced in Senate (IS)]

2d Session
S. 2474

To amend the Internal Revenue Code of 1986 to allow penalty-free
withdrawals from retirement plans during the period that a military
reservist or national guardsman is called to active duty for an
extended period, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

May 21, 2004

Mr. Allard (for himself, Mr. Durbin, and Ms. Landrieu) introduced the
following bill; which was read twice and referred to the
Committee on FinanceYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to allow penalty-free
withdrawals from retirement plans during the period that a military
reservist or national guardsman is called to active duty for an
extended period, and for other purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Guardsmen and Reservists Financial
Relief Act of 2004''.

SEC. 2. PENALTY-FREE WITHDRAWALS FROM RETIREMENT PLANS FOR INDIVIDUALS
CALLED TO ACTIVE DUTY FOR AT LEAST 179 DAYS.

(a) In General.--Paragraph (2) of section 72(t) of the Internal
Revenue Code of 1986 (relating to 10-percent additional tax on early
distributions from qualified retirement plans) is amended by adding at
the end the following new subparagraph:
``(G) Distributions from retirement plans to
individuals called to active duty.--
``(i) In general.--Any qualified reservist
distribution.
``(ii) Amount distributed may be repaid.--
Any individual who receives a qualified
reservist distribution may, at any time during
the 2-year period beginning on the day after
the end of the active duty period, make one or
more contributions to an individual retirement
plan of such individual in an aggregate amount
not to exceed the amount of such distribution.
The dollar limitations otherwise applicable to
contributions to individual retirement plans
shall not apply to any contribution made
pursuant to the preceding sentence. No
deduction shall be allowed for any contribution
pursuant to this clause.
``(iii) Qualified reservist distribution.--
For purposes of this subparagraph, the term
`qualified reservist distribution' means any
distribution to an individual if--
``(I) such distribution is from an
individual retirement plan, or from
amounts attributable to employer
contributions made pursuant to elective
deferrals described in subparagraph (A)
or (C) of section 402(g)(3) or section
501(c)(18)(D)(iii),
``(II) such individual was (by
reason of being a member of a reserve
component (as defined in section 101 of
title 37, United States Code)), ordered
or called to active duty for a period
in excess of 179 days or for an
indefinite period, and
``(III) such distribution is made
during the period beginning on the date
of such order or call and ending at the
close of the active duty period.
``(iv) Application of subparagraph.--This
subparagraph applies to individuals ordered or
called to active duty after September 11, 2001,
and before September 12, 2005. In no event
shall the 2-year period referred to in clause
(ii) end before the date which is 2 years after
the date of the enactment of this
subparagraph.''.
(b) Conforming Amendments.--
(1) Section 401(k)(2)(B)(i) of such Code is amended by
striking ``or'' at the end of subclause (III), by striking
``and'' at the end of subclause (IV) and inserting ``or'', and
by inserting after subclause (IV) the following new subclause:
``(V) the date on which a period
referred to in section
72(t)(2)(G)(iii)(III) begins, and''.
(2) Section 403(b)(11) of such Code is amended by striking
``or'' at the end of subparagraph (A), by striking the period
at the end of subparagraph (B) and inserting ``, or'', and by
inserting after subparagraph (B) the following new
subparagraph:
``(C) for distributions to which section
72(t)(2)(G) applies.''.
(c) Effective Date.--The amendments made by this section shall
apply to distributions after September 11, 2001.
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