Heroes Earned Retirement Opportunities Act (HERO)
Definition of 'Heroes Earned Retirement Opportunities Act (HERO)'
One of the key provisions of the HERO Act is a new tax credit for military service members and veterans who make contributions to their retirement savings plans. The credit would be equal to 50% of the amount contributed, up to a maximum of $1,000 per year.
The HERO Act would also make a number of changes to the current law governing military retirement benefits. For example, the bill would increase the amount of money that service members can contribute to their Thrift Savings Plan (TSP) from 18% of their base pay to 25%.
The HERO Act would also make it easier for service members to transfer their retirement savings from the TSP to an IRA or another retirement savings plan.
The HERO Act has been endorsed by a number of veterans' organizations, including the American Legion and the Veterans of Foreign Wars. The bill has also been supported by a number of lawmakers, including Senator Tammy Duckworth (D-IL) and Representative Seth Moulton (D-MA).
The HERO Act is currently pending before the Senate Finance Committee. If the bill is passed by Congress, it would represent a significant victory for military service members and veterans.
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