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Rep. Haley Stevens (D-MI) introduced a new bill last week aimed at providing relief for individuals who fall victim to retirement plan account fraud. The proposed No Penalties for Victims of Fraud Act seeks to eliminate the 10% early withdrawal penalty for those affected by fraud in their 401(k) or retirement plan accounts.
Under the legislation, victims who can provide documentation of fraud losses, verified through law enforcement or court processes, would be exempt from the penalty typically imposed when withdrawing funds before the age of 59 ½. However, while they would not face penalties, the bill stipulates that the withdrawn amount must still be repaid.
The bill comes as reports of cyber-attacks targeting retirement savings have surged, impacting more and more Americans' long-term financial security.
“We’ve seen a significant rise in scams aimed at stealing Americans’ hard-earned retirement funds,” Rep. Stevens said. “For victims who are under retirement age, it’s a double blow—losing their savings and then facing a penalty for early withdrawal. This legislation is crucial to ease some of the financial burden for individuals who’ve already lost so much due to fraud.”
The bill has received support from prominent organizations, including the National Consumers League (NCL) and the Consumer Federation of America (CFA).
“Fraud victims have already been devastated when criminals steal their life savings, and they shouldn't have to worry about additional penalties from the IRS,” said John Breyault, Vice President of Public Policy at NCL. “We thank Representative Stevens for helping alleviate some of the burdens these victims face.”
“We fully support this sensible and necessary bill,” added Adam Rust, Director of Financial Services for CFA. “In 2023 alone, Americans reported losing nearly $5 billion to scammers. This bill will protect victims from further harm and help address the growing scale of fraud affecting people’s financial futures.”
The bill is currently under review by the House Ways and Means Committee.
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