As part of its relief package,
The withdrawal proposal comes from the desks of Senate Finance Committee Chairman Sen. Charles Grassley, R-Iowa, and ranking member Sen. Max Baucus, D-Mon, who worked closely with the
By eliminating paperwork, the IRS would expedite request for the money. The bill would also waive the 10% penalty for early withdrawals and allow plan participants to pay tax on the distributions over a three-year period, officials said. The money must be paid back within five years, however.