Allow penalty-free hardship withdrawals from retirement accounts in 208 and 2009
The measure would have allowed workers to take money from their 401(k) retirement accounts before retirement, but without the usual penalty of 10 percent on top of regular taxes. The idea was to help cash-strapped workers get through hard times without having to absorb penalties for their bad fortune.
Penalty-free withdrawals weren't included in the economic stimulus bill that became the American Recovery and Reinvestment Act. Nor were they part of Obama's budget outline, which Congress approved on April 2, 2009.
Promise: BROKEN
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