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Full Text of this Amendment
On page 268, between lines 11 and 12, insert the following:
SEC. __X. MODIFICATION OF EXCEPTION FROM 10 PERCENT EARLY WITHDRAWAL PENALTY FOR PUBLIC SAFETY EMPLOYEES.
(a) Repeal of Restriction to Defined Benefit Plans.--Subparagraph (A) of section 72(t)(10)(A) is amended by striking "which is a defined benefit plan".
(b) Application to Annuities Commencing Before the Pension Protection Act of 2006.--Paragraph (10) of section 72(t) is amended by adding at the end the following new subparagraph:
"(C) TRANSITIONAL RULE FOR ANNUITIES.--Paragraph (4) shall not apply to any modification to a series of substantially equal periodic payments which are made with respect to a qualified public safety employee if such series of payments commenced--
"(i) before the date of the enactment of the Pension Protection Act of 2006, and
"(ii) after such qualified public safety employee's separation from service after attainment of age 50.".
(c) Effective Dates.--
(1) REPEAL OF RESTRICTION TO DEFINED BENEFIT PLANS.--The amendment made by subsection (a) shall apply to distributions made after the date of the enactment of the Pension Protection Act of 2006.
(2) TRANSITIONAL RULE FOR ANNUITIES.--The amendment made by subsection (b) shall apply to modifications made after the date of the enactment of the Pension Protection Act of 2006.
(As printed in the Congressional Record for the Senate on Mar 3, 2010.)