Nunes supports troops financial relief act

WASHINGTON, D.C.- Rep. Devin Nunes today helped pass the "Guardsmen & Reservists Financial Relief Act," which will provide financial relief for the families of National Guardsmen and Military Reservists who have been called to serve in the war on terror.

"These brave men and women are serving to help protect all American families," Mr. Nunes said. "This legislation will help their families pay the bills while Guardsmen and Reservists put their careers on hold to sacrifice for our country."

By leaving their jobs in the private sector to fill vitally needed positions for our national defense, many National Guardsmen and Military Reservists have taken a drastic cut in pay, placing their families in financial hardship.

H.R. 1779 - "The Guardsmen & Reservists Financial Relief Act" - allows guardsmen and reservists who are activated for more than 179 days to make penalty-free, early withdrawals from their IRA or pension fund. The bill is retroactive to cover those guardsmen and reservists who were called to service beginning on September 11, 2001, and extends to cover those who may continue to be called to active duty through September 12, 2005.

Additionally, to ensure financial retirement security for these soldiers and their families, H.R. 1779 encourages repayment of the withdrawn funds to the IRA or pension fund within two years of ending this active duty, and temporarily lifts the contribution cap to equal the amount of the withdrawn funds to allow for full repayment.

There are presently 167,478 National Guardsmen and Military Reservists on active duty helping fight the war on terror. Since September 11, 2001, 366,240 National Guardsmen and Military Reservists have been mobilized.

The bill passed on a unanimous vote of 415-0.