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FLEOA Urges Passage of Federal Public Safety Officer Retirement Equity Act

April 16, 2015  | 

Today, the Federal Law Enforcement Officers Association (FLEOA) pledged its full support for the passage of the Federal Public Safety Officer Retirement Equity Act. This bill was introduced today in the Senate by Senators Toomey and Bennet, and in the House by Congressmen Reichert and Pascrell. It would correct an inequity in the federal tax code by providing federal law enforcement officers and firefighters with the means to access their defined contribution retirement funds at age 50 without the IRS 10% penalty, according to FLEOA.

Federal law enforcement officers are eligible to retire at age 50 with 20 years of service, similar to their state and local counterparts who are currently able to access their retirement accounts without penalty. According to FLEOA, this bill would remedy an oversight in the 2006 Pension Protection Act by providing federal officers with the same tax protections that their state and local counterparts receive. Federal officers under the law enforcement retirement system are mandatorily separated from service at age 57. This bill will allow officers to access their money and cover cost of living expenses prior to reaching the current IRS age threshold of 59 1/2.

FLEOA praised the leadership exuded by Senators Toomey and Bennet, as well as Congressmen Reichert and Pascrell. "These leaders in Congress recognize the need for federal officers to be able to access their Thrift Savings Plan account at retirement age without incurring a harsh IRS penalty," stated FLEOA President Jon Adler.

"With National Police Week approaching, we hope the Congress will demonstrate its support for those who defend our homeland and pass this important legislation," added Adler.

About FLEOA

The Federal Law Enforcement Officers Association (www.fleoa.org) is the largest nonprofit, nonpartisan professional association that exclusively represents over 26,000 federal law enforcement officers from over 65 Agencies.


Comments (3)

Displaying 1 - 3 of 3

Kojack58 @ 4/18/2015 3:40 PM

I hope we can count on our senators and congress personnel to do the right thing for us. I am a retired Federal Officer and will need to utilize that money after I retire from the VAMC as the dispatcher for theVAPD.

kevCopAz @ 4/18/2015 5:20 PM

I dont disagree with this, but Im a local Officer and I can't access my deferred comp $ until 59 1/2 without penalty either. There may be some misinformation in this article.

TX Lawman @ 4/20/2015 6:31 AM

kevCopAz, they are talking about your Pension not your deferred compensation package. Our pension is 20 years and out no penalty, but the 401k is 59 1/2 and the 457k is anytime.

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