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.
