FOR IMMEDIATE RELEASE CONTACT:
April
16, 2015 Jason Briefel
202-293-1550
FLEOA URGES PASSAGE OF
FEDERAL PUBLIC SAFETY OFFICER RETIREMENT EQUITY ACT
Washington, DC– 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 a companion bill will be offered 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.
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.
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.