President Signs Beauprez' Pension Provision Into Law

Washington - Today, Rep. Bob Beauprez (R-Colo) commended the President's signing of the Pension Protection Act of 2006 into law, as the original language from the Guardsmen and Reservist Financial Relief Act that Congressman Beauprez introduced earlier this year was included in the legislation.  Section 827 of the pension bill allows guardsmen or reservists who are activated for more than 179 days, to make penalty-free early withdrawals from their IRA or pension fund.

"This provision ensures that families of our National Guardsmen and Military Reservists will be able to pay their bills when their husbands and wives are called to serve and protect our nation, said Beauprez.  "We owe it to them to help their families who are facing financial hardship while their guardsmen or reservist are serving in positions vital to our national defense."

Section 827 states:                                                                                              
Distributions from an IRA or pension plan taken by members of the National Guard and Reserves called to active duty through 2007 are not subject to early withdrawal penalties. Withdrawn amounts may be repaid to the IRA or pension plan within two years of the distribution without regard to the annual contribution limit.