After several years of gridlock, Congress enacted legislation in 2015 to correct inequities and close loopholes in the Pension Protection Act of 2006.
Specifically, early withdrawal penalties for employer-based retirement savings for many fire fighters will be eliminated as of January 1, 2016.
Under the Defending Public Safety Employees Retirement Act of 2015, public safety officers who separate from service at age 50 can immediately begin withdrawing funds from all employer sponsored retirement savings— both defined benefit and deferred compensation — without penalty.
Learn more about which retirement accounts are affected with the new online training course, RETIREMENT FUND PENALTIES ELIMINATED.
Go to the IAFF’s Online Learning Management System, login and select Union Membership Training/Retirement, then select Retirement Fund Penalties Eliminated.
While you’re there, browse other online courses offered by the IAFF!