WASHINGTON — Thursday, Senators Toomey and Bennet introduced legislation to amend the federal tax code in order to allow law enforcement officers the ability to access their retirement funds penalty free upon reaching their eligible retirement age.

“Day in and day out, police officers, firefighters, and all men and women in public safety professions protect our communities in Colorado at great personal risk,” said Senator Bennet. “And faced with these physically taxing jobs, public safety officers often have to retire early, as federal law allows. Our legislation would ensure these officers can access their savings without any penalties when they retire.”

The tax code currently allows eligible law enforcement and public safety officers to withdraw from their retirement if they retire at or after the age of 50 due to the taxing nature of these jobs. However, federal officers are eligible for retirement prior to the age of 50 if they have completed 25 years of service. Under current law, when an officer retires prior to the age of 50 with 25 years of service, they are not allowed access to their retirement funds penalty free until the age of 59 ½, which is the average age Americans are able to withdraw from retirement accounts penalty free.

“America’s law enforcement and public safety communities endure difficult, physically taxing jobs that often result in earlier retirements, often at or before the age of 50. These dedicated officers should be able to access their retirement savings the day they are eligible for retirement. Unfortunately, under current law, officers who retire before the age of 50 must either wait to access their retirement funds or be hit with heavy fines. The legislation Senator Bennet and I introduced will update the tax code to ensure these dedicated officers can access their retirement funds penalty free when they retire,” said Senator Toomey.