Connect with us

Hi, what are you looking for?

Mast insists the bill, “would ensure that individuals are able to re-contribute all 2020 required minimum distributions back into their retirement accounts.”

Florida Politics

Brian Mast Introduces the Fairness for Early Withdrawers Act

Share this story:

Mast insists the bill, “would ensure that individuals are able to re-contribute all 2020 required minimum distributions back into their retirement accounts.”

Share this story:

This week, U.S. Rep. Brian Mast, R-Fla., unveiled the “Fairness for Early Withdrawers Act” which, he insists, “would ensure that individuals are able to re-contribute all 2020 required minimum distributions back into their retirement accounts.”

Mast teamed up with U.S. Rep. Harley Rouda, D-Calif., on the bill.

“Earlier this year, Congress passed the CARES Act, which waived 2020 required minimum distributions (RMDs) for defined contribution retirement accounts, including 401(k)s and traditional Individual Retirement Accounts (IRAs). The Fairness for Early Withdrawers Act builds on that legislation by waiving the 60-day rollover rule, thereby allowing all who took RMDs in 2020 to transfer the funds back into their retirement savings accounts,” Mast’s office noted.

“Coronavirus has had a devastating financial impact on so many people in our community, especially those who were forced to take money from their retirement savings to make ends meet. It is absolutely critical that we not penalize anyone for making an early withdrawal from their retirement account,” Mast said on Wednesday. “This bill is about doing the right thing and helping people when they need it most.”

“Older Americans should not be forced to drain their hard-earned retirement savings during a pandemic,” Rouda said. “This bipartisan legislation is a common-sense fix that extends flexibility already provided to millions of other retirees. While this bill is a crucial correction — it is not enough. I will keep fighting to ensure Americans can survive the coronavirus crisis without risking financial ruin.”

U.S. Rep. Joe Crowley, D-Ct., and U.S. Rep. Brian Fitzpatrick, R-Penn., are also cosponsoring the bill.

The bill was sent to the U.S. House Ways and Means Committee on Tuesday. So far, there is no counterpart over in the U.S. Senate.

 

Reach Kevin Derby at kevin.derby@floridadaily.com.

 

Author

  • Originally from Jacksonville, Kevin Derby is a contributing writer for Florida Daily and covers politics across Florida.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

<

Ed Dean: Publisher

 

Ed Dean is a leading radio and news media personality including hosting the #1 statewide radio talk show in Florida. Contact Ed.Dean@FloridaDaily.com

You May Also Like

Top 6

Share this story:Last week, two members of the Florida congressional delegation reviewed their actions in 2023. U.S. Rep. Kathy Castor, D-Fla., noted that her...

Infrastructure

Share this story:U.S. Rep. Brian Mast, R-Fla., is championing a resolution “to honor his colleague, friend, and long-serving Dean of the U.S. House of...

Top 6

Share this story:U.S. Rep. Brian Mast, R-Fla., scored a win as his “Hamas International Financing Prevention Act” recently cleared the U.S. House Foreign Affairs...

Top 6

Share this story:U.S. Rep. Brian Mast, R-Fla., is championing a proposal for a “moratorium for all American aid to Gaza and the Palestinian-controlled West...

Follow us on Social Media