Protecting Public Safety Employees' Timely Retirement Act of 2022
This bill modifies the eligible age (age 50) for the exemption from the retirement plan early withdrawal penalty for public safety officers. The bill establishes the age eligibility at age 50 or 25 years of service under the plan, whichever is earlier.
To amend the Internal Revenue Code of 1986 to modify the eligible age 
for the exemption from the retirement plan early withdrawal penalty for 
                        public safety officers.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting Public Safety Employees' 
Timely Retirement Act of 2022''.

SEC. 2. MODIFICATION OF ELIGIBLE AGE.

    (a) In General.--Subparagraph (A) of section 72(t)(10) of the 
Internal Revenue Code of 1986 is amended by striking ``age 50'' and 
inserting ``age 50 or 25 years of service under the plan, whichever is 
earlier''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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Protecting Public Safety Employees' Timely Retirement Act of 2022
A bill to amend the Internal Revenue Code of 1986 to modify the eligible age for the exemption from the retirement plan early withdrawal penalty for public safety officers.
Protecting Public Safety Employees' Timely Retirement Act of 2022
Sen. Toomey, Patrick