EANGUS Legislative Update from the desk of Scott Bousum, EANGUS Legislative Director.
Over the past several months, the EANGUS National Office worked with the staff of Representative Johnson (R-TX) to introduce HR 4381 Servicemember Retirement Improvement Act. This bill would stop the IRS from stifling Guard or Reserve service members’ ability to save for their retirement. Beginning in 2018, individuals entering the National Guard will receive government-matched retirement contributions in their Thrift Savings Plan (TSP) accounts. Current tax code limits all individuals under the age of 55 to contributing $18,000 toward their retirement each year. Future members of the National Guard, who max out their employer-contributed retirement account, could lose out on their government-matched TSP accounts. HR 4381 would allow members of the National Guard to max out their employer-contributed retirement account and their government-matched TSP account. Please click here to read our support letter.EANGUS