Rep. Lloyd Smucker
U.S. Rep. Lloyd Smucker (R-PA) commended committee action on the Securing a Strong Retirement Act of 2021, which includes his bipartisan bill to allow penalty-free withdrawals from retirement plans by domestic abuse survivors.
“I am thankful that the Ways and Means Committee advanced this critical support to survivors of domestic abuse,” Rep. Smucker said. “Allowing retirement account funds to be accessed penalty-free will provide an additional resource to domestic abuse survivors. This can be critical to ensuring that they are able to remove themselves from an abusive situation and find safety.”
Rep. Smucker on May 4 cosponsored the Savings Access For Escaping and Rebuilding (SAFER) Act, H.R. 2953, with bill sponsor U.S. Rep. Lucy McBath (D-GA), which was referred for consideration to the U.S. House Ways and Means Committee.
H.R. 2953 would add a provision to the Internal Revenue Code of 1986 to allow victims to withdraw up to $10,000 from their retirement plan within one year of experiencing domestic abuse, according to the text of the bill, and the amount could be replenished within a three-year period from penalty-free distribution.
“Those experiencing domestic abuse must have as many tools as possible at their disposal to escape their situation,” said Rep. Smucker. “I appreciate the opportunity to advance this commonsense bipartisan legislation.”
Also on May 4, the Securing a Strong Retirement Act of 2021, H.R. 2954, was introduced by U.S. Reps. Kevin Brady (R-TX) and Richard Neal (D-MA) to increase retirement savings and to simplify and clarify retirement plan rules. The bill was referred for consideration to three committees, including House Ways and Means, which on May 5 marked up H.R. 2954 and included language from Rep. Smucker’s H.R. 2953.
“The underlying bill provides additional incentives and aid to assist individuals in building a secure financial future,” Rep. Smucker said. “I urge the House and Senate to further advance this legislation.”