April 22, 2004

WASHINGTON – Congressman Tom Petri helped pass the Guardsmen and Reservists Financial Relief Act, legislation which will help National Guard and Reserve troops who have been called to serve in the war on terror.

The bill passed Wednesday in the House of Representatives with a vote of 415-0.

"Young men and women who are serving in the Reserves are making real sacrifices, not only risking their lives, but in many cases financial sacrifices because they are leaving jobs in the United States to serve our country over in Iraq and in Afghanistan and often taking cuts in pay as a result," Petri said. "If a Guard or Reserve member is activated for six months or more, the bill passed by the House would provide that they would be able to withdraw from their own IRA or pension fund without paying a penalty. Normally there's a penalty that's assessed for early withdrawal from these funds."

"We're asking these young men and women to sacrifice for us. It seems to me when they're doing that, to then impose a penalty when they are forced to withdraw some money from their IRA or pension fund in order to pay the rent or meet some other household expense is unreasonable. This bill would inject a bit of fairness and help them make that sacrifice in a little easier way," Petri said.