GRACE for Military Survivors Act
Military Death Benefits: Longer Window for Retirement and Education Savings
The GRACE for Military Survivors Act was recently introduced and is currently being reviewed by the House Committee on Ways and Means. No further actions are scheduled at this time. The bill is in the early stages of the legislative process.
Legislative Progress
This bill has strong bipartisan support and addresses a sensitive issue for military families, which usually helps a bill move quickly through Congress.
Key Points
- This bill gives families of fallen service members more time to put their military death benefits into special savings accounts. Currently, families only have one year to move this money into a Roth IRA or a Coverdell education account. This bill would change that limit to three years.
- Military death benefits are payments given to survivors when a service member dies. By putting this money into these specific accounts, the money can grow tax-free. This helps families secure their financial future or pay for school during a very difficult time.
- The change would also help families who received benefits as far back as October 2001. If the bill passes, those families would get an extra year from the date the law starts to move their past benefits into these savings accounts.
- A group of both Democrats and Republicans introduced this bill. They believe that one year is not enough time for a grieving family to make big financial decisions while they are dealing with the loss of a loved one.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
GRACE for Military Survivors Act
Data Sources
Sponsor
Cosponsors
(11)Analysis generated by AI. Always verify with official sources.