Kathryn Manginelli Act of 2021
Last action on May 27, 2021Read twice and referred to the Committee on Finance.
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Summary
The Kathryn Manginelli Act of 2021 (S. 1889) would allow individuals diagnosed with a terminal illness to withdraw funds from their tax-exempt retirement accounts without paying the standard 10% early withdrawal penalty. The bill also expands the legal definition of "terminally ill" for these purposes, increasing the life expectancy window from 24 months to 84 months (seven years). This change is intended to provide patients with earlier access to their own savings to cover medical costs and end-of-life expenses.
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