Headlines about "Distributions - req. minimums"
Gathered from the web by the editors at BenefitsLink.com.
House Bill Proposes Delay of Mandatory Pension Distributions
Excerpt: "U.S. House Representative F. James Sensenbrenner Jr. has introduced legislation (HR 2637) that, if passed, would delay the mandatory withdrawal of retirement savings through 2010 and raise the mandatory withdrawal age to 75. . . . Given the current market, late last year, Congress passed, and the President signed into law, the Worker, Retiree, and Employer Recovery Act into law, which suspended all RMDs from IRAs, 401(k)s and 403(b)s for 2009. However, the RMD rules will return next year in full force. This proposed bill would extend the suspension of RMDs through 2010. The legislation also permanently raises the mandatory withdrawal age to 75." (International Foundation of Employee Benefit Plans)
[Guidance Overview] Waiver of 2009 Required Minimum Distributions from Individual Account Plans
Excerpt: "There are many questions about the implementation of the waiver, but the only official guidance issued so far is IRS Notice 2009-9, which addresses a limited set of questions. This Compliance Alert summarizes the relevant portions of the available guidance with respect to DC plan participants and beneficiaries." (The Segal Group, Inc.)
[Guidance Overview] Suspension of Required Minimum Distributions in 2009
Excerpt: "If a participant or beneficiary makes a withdrawal in 2009 (that is not a required minimum distribution for 2008), the participant or beneficiary may be able to roll over the withdrawn amount into an IRA or other eligible retirement plan(s). Of course, the participant or beneficiary still must include in gross income any previously untaxed portion of the withdrawal that is not rolled over." (Troutman Sanders LLP)
[Guidance Overview] Required Minimum Distributions from Defined Contributions Plans Waived for 2009 (PDF)
Excerpt: "The 2009 RMD waiver under the Act does apply to individuals who may be eligible to postpone taking their 2009 RMD until April 1, 2010 (generally retired employees and IRA owners who attain age 70 ? in 2009). However, the Act does not waive any RMDs for 2010. Accordingly, an individual who attains age 70 ? in 2009 would still have to take an RMD for 2010 by December 31, 2010." (Snell & Wilmer LLP)
[Guidance Overview] Worker, Retiree, and Employer Recovery Act Provision of Relief for Defined Contribution Plans (PDF)
4 pages. Excerpt: "This new law applies to sponsors of and participants in qualified defined benefit and defined contribution plans, including multiemployer plans, governmental plans, and church plans that do not elect to be covered by ERISA ('non-electing church plans'). It also applies to ERISA and Non-ERISA 403(b) plans and governmental section 457(b) plans." (Prudential Retirement)
[Guidance Overview] Relief from Minimum Required Distribution from Retirement Plans and IRAs
Excerpt: "This advisory provides an overview of the tax relief [provided] for both employers and retirees, and includes steps they can take to ensure they make the best use of this opportunity." (Davis Wright Tremaine LLP)
[Guidance Overview] IRS Guidance on Reporting Required Minimum Distributions for 2009 (PDF)
1 page. Excerpt: "In Notice 2009-9, the Internal Revenue Service (IRS) provides guidance to financial institutions on the reporting requirements for required minimum distributions for 2009 after the enactment of the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA)." (Transamerica Center for Retirement Studies)
[Guidance Overview] 2008 Pension Legislation and Amendment Reminders
Excerpt: "All qualified retirement plan sponsors, regardless of their remedial amendment cycle, must continue to amend their plans timely to comply with IRS 'interim' amendment requirements. For example, many plans will have to be amended by the due date for the plan sponsor's 2008 tax return to reflect applicable changes in the maximum benefit and maximum contribution limits under Internal Revenue Code Section 415. Also, amendments to reflect applicable provisions of the Pension Protection Act generally must be executed by the last day of the 2009 plan year." (Bond, Schoeneck & King, PLLC)
[Guidance Overview] Summary of Recent Legislative Changes Affecting Individual Retirement Arrangements
Excerpt: "Recent developments have spawned a variety of targeted legislative changes to the rules that govern individual retirement arrangements ('IRAs'). Specifically, the Heroes Earnings Assistance and Relief Tax Act of 2008 ('HEART Act') enacted a number of changes designed to benefit those in military service, and the Tax Extenders and Alternative Minimum Tax Relief Act of 2008 ('TEAMTRA') (which was enacted as part of the Fall 2008 economic stimulus package) and the Worker, Retiree, and Employer Recovery Act of 2008 ('WRERA') contained several provisions designed to assist those affected by the economic downturn." (K&L Gates LLP)
[Official Guidance] Text of IRS 'Retirement News for Employers' for Winter 2009 (PDF)
12 pages. Articles include: Did You Amend Your SIMPLE IRA Plan for EGTRRA? New Law Waives Required Minimum Distributions for 2009; Automatic Enrollment 401(k) Plans for Small Businesses; Fixing Common Plan Mistakes: Failure to Limit Contributions for a Participant; New Form 990 Requirements; Desk Side Chat With Monika Templeman - The Biggest Mistake. (Internal Revenue Service)
[Guidance Overview] Required Minimum Distribution Relief: A Nightmare for Employers
Excerpt: "In an effort to cushion the blow to retirement savings inflicted by the stock market crash, former President Bush signed the Worker, Retiree and Employer Recovery Act of 2008 ('WRERA' or the 'Act') on December 23, 2008. Although the Act provides some much-needed funding relief for sponsors of defined benefit plans, its attempt to help retirees under defined contribution plans will leave the sponsors of those plans reaching for a bottle of aspirin." (Spencer Fane Britt & Browne LLP)
[Guidance Overview] Suspension of Minimum Required Distributions for 2009 (PDF)
Excerpt: "The waiver of 2009 MRDs applies to IRAs, SEP-IRAs and SIMPLE IRAs. It also applies to 401(k) plans, profit-sharing plans, money purchase plans, 403(b) plans and other defined contribution plans to the extent permittedunder the terms of the plan (even if the plan requires distribution of an amount equal to the 2009 MRD, this distribution may be rolled over to an IRA or other qualified plan, permitting deferral of income tax on this distributed amount). The waiver of 2009 MRDs does not apply to defined benefit plans." (Drinker Biddle & Reath LLP)
[Guidance Overview] Defined Contribution Plans and 2009 Minimum Required Distributions
Excerpt: "The Worker, Retiree, and Employer Recovery Act of 2008 provides defined contribution plans with the opportunity to eliminate minimum required distributions for 2009. Plan sponsors will need to evaluate whether to implement this provision, particularly in light of the current economic crisis." (McGuireWoods LLP)
[Guidance Overview] The Worker, Retiree, and Employer Recovery Act of 2008: An Overview (PDF)
13 pages. Excerpt: "In December of 2008, Congress unanimously enacted the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA) (P.L. 110-455), which makes several technical corrections to the Pension Protection Act of 2006 (P.L. 109-280) and contains provisions designed to help pension plans and plan participants weather the current economic downturn. This report highlights the provisions of WRERA relating to the economic crisis, such as the temporary waiver of required minimum distributions and provisions that temporarily relax certain pension plan funding requirements. This report also discusses certain technical corrections to the Pension Protection Act made by WRERA, and certain other notable provisions of the Act affecting retirement plans and benefits." (Congressional Research Service)
[Opinion] American Benefits Council Request for Guidance on Minimum Required Distribution Waivers (PDF)
6 pages. Excerpt: "The provision . . . was signed into law on December 23, 2008 and the extremely short time frame before the legislation's January 1, 2009 effective date has raised issues that could interfere with the legislative purpose underlying the relief. In this regard, many MRD payments were scheduled for early 2009 and there simply has not been enough lead time for plans to offer participants an opportunity to defer distributions. Moreover, there are a number of technical issues that arise which may have the unintended consequence of making it difficult for participants to exercise self-help remedies by rolling a plan distribution to an IRA or other eligible retirement plan. For these reasons, the Council is writing to request that the U.S. Treasury Department and the Internal Revenue Service (hereinafter collectively 'Treasury/Service') facilitate the purpose behind the legislation by addressing these issues in published guidance." (American Benefits Council)
Tax Issues Can Complicate the Decisions of Retirees, Financial Planners Say
Excerpt: "'Little moves they make now can make a big difference later on,' said Gary Schatsky, a fee-only financial planner in New York. The following advice from retirement planning experts is geared toward current retirees, though some of it will be useful for investors of all ages." (The New York Times; free registration required)
The Confusion Over Required Withdrawals from Retirement Accounts
Excerpt: "For 2009 only, there will not be the usual required minimum distributions from retirement plans such as 401(k)s, Roth 401(k)s, 403(b)s and certain 457(b)s. The distribution rules also apply to traditional individual retirement arrangements and accounts and IRA-based plans such as Simple IRAs and SEPs (simplified employee pension plans), which provide employers with an easy method to make contributions toward their employees' retirement or the self-employed an easy way to contribute to their own." (The Washington Post; free registration required)
[Opinion] Letters to the Editor on 'From Here to Retirement,' NYT Editorial of January 26
Some of the letters are from people prominent in the retirement industry. (The New York Times; free registration required)
[Opinion] Groom Comments on 2009 Suspension of Required Minimum Distribution Rules (PDF)
5 pages. Excerpt: "Groom Law Group submitted the attached letter to the IRS to request additional clarifying guidance with respect to the 2009 suspension of the required minimum distribution rules for defined contribution plans described in Code section 401(a), 403(b) plans, governmental 457(b) plans, and IRAs provided under the Worker, Retiree, and Employer Recovery Act of 2008." (Groom Law Group)
[Guidance Overview] Pension Funding Relief and Technical Corrections to PPA
Excerpt: "The Worker, Retiree and Employer Recovery Act (WRERA), signed into law on Dec. 23, 2008, provides some funding relief to defined benefit (DB) sponsors affected by recent market declines, as well as temporarily waiving the minimum distribution rules for seniors. The act also makes permanent technical corrections to the Pension Protection Act of 2006 (PPA). [This article includes charts of both temporary and key permanent provisions.]" (Watson Wyatt Worldwide)
[Guidance Overview] Suspension of Minimum Required Distributions for 2009 (PDF)
2 pages. Excerpt: "While the required distributions otherwise due for the 2009 calendar year are waived under the Act, plan provisions may require that these distributions still be paid. Therefore, plan sponsors may want to amend their plans so that these distributions are not paid. The Act specifies that it is permissible for a plan not to pay distributions that the plan document otherwise requires to be paid as required minimum distributions for the 2009 calendar year so long as the plan is amended to conform to its operation (of not paying the distributions) no later than the last day of the plan year commencing on or after January 1, 2011." (Dow Lohnes PLLC)
[Opinion] ASPPA Comments on the Suspension of Required Minimum Distributions in 2009 (PDF)
5 pages. Excerpt: "The American Society of Pension Professionals & Actuaries (ASPPA) appreciates this opportunity to comment on the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA). These comments relate to WRERA ?201 which suspends the application of Internal Revenue Code (IRC) ?401(a)(9) in 2009 for certain retirement plans." (American Society of Pension Professionals & Actuaries)
[Guidance Overview] IRS Guidance to Financial Institutions on Reporting Rules Applicable to RMDs for 2009
Excerpt: "The IRS has issued guidance to financial institutions on the reporting rules applicable to required minimum distributions (RMDs) for 2009, reflecting the Worker, Retiree, and Employer Recovery Act of 2008 (P.L. 110-458). The Act waives any RMDs for 2009 for individual account plans, such as 401(k) plans and 403(b) plans, and for IRAs. This means that most participants and beneficiaries otherwise required to take minimum distributions from these types of plans are not required to withdraw any amount in 2009." (Wolters Kluwer)
[Guidance Overview] Pension Bill Offers Some Relief in Light of Market Turmoil; Technical Corrections Enacted
Excerpt: "On December 23, 2008, President Bush signed the Worker, Retiree, and Employer Recovery Act of 2008 (the Act). In response to the recent market volatility, the Act provides some relief for companies that contribute to single-employer and multiemployer defined benefit plans, as well as for certain individual taxpayers. It also makes technical corrections to several provisions found in the Pension Protection Act of 2006 (PPA). In order to provide highlights of the Act, we are issuing this high-level summary now . . . ." (Morgan, Lewis & Bockius LLP)
[Guidance Overview] Responding to Employee Benefits Provisions of the Worker, Retiree and Employer Recovery Act of 2008
Excerpt: "The recently passed Worker, Retiree and Employer Recovery Act of 2008 (the 'Act') contains important changes for qualified plans. These changes are intended to provide relief to plan sponsors and participants for plan funding shortfalls and account reductions caused by the economic downturn. This Benefits Alert describes some of the changes under the Act and what actions, if any, should be taken." (Holland & Hart LLP)
[Guidance Overview] The Worker, Retiree, and Employer Recovery Act of 2008: Limited Relief and Technical Guidance for Qualified Retirement Plans
Excerpt: "The Worker, Retiree, and Employer Recovery Act of 2008 makes a number of technical corrections which need be to considered as employers prepare plans for PPA compliance. . . . As employers prepare plan amendments for PPA compliance during 2009, these changes need to be considered. The [target page] is a summary of the key provisions of the Act." (McDermott Will & Emery)
[Guidance Overview] 2009 RMD Rule Changes: A Follow-Up on Specific Issues
Excerpt: "The changes in the required minimum distribution ('RMD') rules for 2009 that are part of the Worker, Retiree, and Employer Recovery Act of 2008 ('WRERA') continue to receive substantial discussion. . . . This Technical Update addresses some issues of continuing interest regarding the interpretation of the new law, as well as informal discussion with IRS National Office personnel." (SunGard)
[Guidance Overview] Milliman's Monthly Benefits News and Developments. Jan. 2009 Edition (PDF)
2 page list of principal employee benefits news and developments in December, 2008. (Milliman)
Edward Zelinsky: Abolish Minimum Distribution Requirements
Excerpt: "Edward Zelinsky (Cardozo) suggests, in the OUP Blog of Oxford University Press, that Congress should immediately abolish the minimum required distribution which the IRS imposes on retirement savings accounts. The MRD rules provide that individuals over 70.5 years old must annually receive and pay taxes on minimum payments from their retirement plans." (Workplace Prof Blog)
[Guidance Overview] A Q&A on 2009 Required Minimum Distribution Rule Changes
Excerpt: "The purpose of this Q&A is to explain the effect of the law change to the required minimum distribution ('RMD') rules, passed as part of the Worker, Retiree, and Employer Recovery Act of 2008 ('WRERA'). In particular, this Q&A discusses issues employers will face in administering plans that are making RMDs." (SunGard)
[Guidance Overview] IRS Special Edition on New Law Affecting Required Minimum Distributions for 2009 (PDF)
2 pages. Excerpt: "If a beneficiary is receiving distributions over a 5-year period, he or she can now waive the distribution for 2009, effectively taking distributions over a 6-year rather than a 5-year period." (Internal Revenue Service)
[Official Guidance] Text of IRS Notice 2009-09: Reporting by Financial Institutions of Required Minimum Distributions for 2009 (PDF)
Excerpt: "Issuers of the 2008 Form 5498, IRA Contribution Information, should not put a check in Box 11. However, in recognition of the short amount of time to make programming changes, if a financial institution issues a 2008 Form 5498 with a check in Box 11, the IRS will not consider such form issued incorrectly solely because of the check in Box 11, provided the IRA owner is notified by the financial institution no later than March 31, 2009, that no RMD is required for 2009." (Internal Revenue Service)
[Guidance Overview] Worker, Retiree, and Employer Recovery Act of 2008
Excerpt: "This newsletter provides a summary of the most important provisions of the Recovery Act." (Blank Rome)
[Guidance Overview] FAQ Sheet for Plan Participants: Changes in the Required Minimum Distribution Rules for 2009 (PDF)
Excerpt: "A new law, the Worker, Retiree and Employer Recovery Act of 2008, suspends the minimum distribution requirements applicable to employer sponsored retirement plans (401(k), 401(a), 457, 403(b), IRAs) for the 2009 tax year. As a result of this change, participants over the age of 70? who would typically need to receive a required minimum distribution (RMD) for 2009 are not required to take payment from their accounts during 2009." (ICMA-RC)
IRS Modifies 2009 Reporting Requirements for IRA RMDs
Excerpt: "The Internal Revenue Service (IRS) has issued Notice 2009-09 which modifies the reporting requirements applicable to required minimum distributions (RMDs) from individual retirement accounts (IRAs) to reflect the waiver of the RMD rules for 2009." (PLANSPONSOR.com; free registration required)
[Guidance Overview] Suspension of Minimum Distributions in 2009 (PDF)
10 pages. Excerpt: "This article (which was first published in Steve Leimberg's Employee Benefits Newsletter, www.leimbergservices.com) explains the new law and its effects on all retirement plan owners and beneficiaries, along with what we DON'T know (yet)." (Natalie B. Choate)
[Guidance Overview] Worker, Retiree, and Employer Recovery Act of 2008 Retirement Plan Relief Provisions (PDF)
5 pages. Excerpt: "The Worker, Retiree, and Employer Recovery Act of 2008 (the 'Act') was signed into law by President Bush on December 23, 2008. The Act includes technical corrections to the Pension Protection Act of 2006 (the 'PPA'), some of which may be viewed as more than what would normally be thought of as 'technical corrections.' The Act also provides relief to plan participants and pension plan sponsors impacted by the current economic crisis by suspending the requirement to receive minimum distributions for 2009. It also provides limited relief from the defined benefit plan funding rules enacted by the PPA for both single-employer defined benefit pension plans and multi-employer plans." (Pillsbury Winthrop Shaw Pittman LLP)
[Guidance Overview] How the Worker, Retiree, and Employer Recovery Act of 2008 Affects DB and DC Plans
Excerpt: "This new Act provides funding relief for defined benefit (DB) plans in response to the current economic crisis, contains a 2009 waiver of required minimum distributions for defined contribution (DC) plans and individual retirement accounts, and makes technical corrections to the Pension Protection Act that will affect the administration of DB and DC plans." (The Vanguard Group, Inc.)
Taxpayers Can Expect No Relief for 2008 Required Minimum Distributions, Treasury Letter Confirms
Excerpt: "CCH Note: Some members of Congress did not press for suspension of 2008 RMDs in the Worker, Retiree, and Employer Recovery Act of 2008 under the assumption that the Treasury and IRS would take care of 2008 RMDs administratively. The Act suspends RMDs for 2009 only. Now, the Treasury and IRS, after considering the matter, have decided that they must pass on giving any 2008 relief. Whether Congress can provide relief retroactively in an economic stimulus bill slated for January 2009 remains questionable. Likely, this will remain a developing story that will not end with the Treasury letter." (Wolters Kluwer)
[Guidance Overview] Worker, Retiree, and Employer Recovery Act: Minimum Required Distribution and Pension Funding Relief (PDF)
3 pages. Excerpt: "The Act contains minimum required distribution relief for seniors, defined benefit plan funding relief, and technical corrections to the Pension Protection Act of 2006 ('PPA'). This Legal Alert summarizes the key provisions of the Act." (Sutherland)
[Guidance Overview] Defined Contribution-Related Provisions of the Worker, Retiree, and Employer Recovery Act of 2008 (PDF)
Chart. 2 pages. Excerpt: "The Act includes Technical Corrections related to the Pension Protection Act of 2006 (PPA) and pension recovery provisions designed to provide relief for individuals and plan sponsors to help them deal with the economic downturn. This summary focuses on the defined contribution-related provisions of the Act and includes a brief explanation of the new provisions and the corresponding effective dates." (Transamerica Center for Retirement Studies)
Congressional Revision of Retirement Fund Withdrawal Rules
Excerpt: "A new tax law will allow retirees to skip required withdrawals from individual retirement accounts and related accounts this year. The change -- signed into law by President Bush last month -- is intended to give beaten-down nest eggs time to rebound from the brutal bear market. But the new law may also create confusion, particularly for those just starting to take required withdrawals. 'The [existing] rules are confusing enough,' says Ed Slott, an IRA consultant in Rockville Centre, N.Y. 'Now, more people than ever are going to get tripped up.' Here are answers to questions about the new law . . . ." (The Wall Street Journal)
Towers Perrin U.S. Legislative Tracking Chart: Retirement (PDF)
13 pages. Excerpt: "These charts summarize selected federal legislation that would affect employer benefit programs. The bills included on the charts are based on judgments regarding the prominence of the issue, the likelihood of enactment, and the influence of the sponsors." (Towers Perrin)
[Guidance Overview] President Signs Worker, Retiree and Employee Recovery Act of 2008
Excerpt: "[The new law] provides much needed funding relief to pension plans in light of the current economic crisis. The Recovery Act also temporarily suspends the age 70? required minimum distribution rules for participants in 401(k), 403(b), and other defined contribution plans; clarifies rules on nonspouse beneficiary rollovers; and extends favorable tax treatment for health care premiums paid by government retirement plans on behalf of retired public safety officers." (Ballard Spahr Andrews & Ingersoll, LLP)
[Guidance Overview] President Signs the Worker, Retiree, and Employer Recovery Act of 2008
Excerpt: "On December 23, 2008, the President signed the Worker, Retiree, and Employer Recovery Act of 2008 (Recovery Act), which provides much needed funding relief to pension plans in light of the current economic crisis. The Recovery Act also temporarily suspends the age 70? required minimum distribution rules for participants in 401(k), 403(b), and other defined contribution plans; clarifies rules on nonspouse beneficiary rollovers; and extends favorable tax treatment for health care premiums paid by government retirement plans on behalf of retired public safety officers. A brief description of the Recovery Act's major elements is set forth [in the target document]." (Ballard Spahr Andrews & Ingersoll, LLP)
Government's Attempt at Support Fell Short of Hopes of Retirees Facing Required Minimum Distributions for 2008
Excerpt: "Many hoped that the government would suspend the rules to allow retirement account holders to skip their RMDs this year. But Congress instead suspended the rules for 2009, while leaving them in place for this year. . . . Unfortunately, the problem is much larger in 2008 than 2009." (The Motley Fool)
Worker, Retiree and Employer Recovery Act Signed Into Law
Excerpt: "On December 23, 2008, President Bush signed the Worker, Retiree and Employer Recovery Act of 2008 into law. While the legislation, which Congress passed by unanimous consent, includes provisions to provide much-needed relief for pension plan sponsors as well as individual investors, it does not include a number of key proposals the business community is seeking." (Watson Wyatt Worldwide)
[Opinion] U.S. House Members' Letter to Bush Demanding 2008 Required Minimum Distribution Rules Relief
Excerpt: "'We respectfully request that you use your executive authority to direct the Secretary of the Treasury to use the flexibility provided by statute to immediately waive the same rules for the 2008 tax year. Furthermore, we ask that you use the same authority to allow retirees who have already withdrawn in 2008 to make recontributions to their accounts. By doing this, you will allow retirees to protect some of their savings during these rough economic times.'" (PLANSPONSOR.com; free registration required)
U.S. House Members Demand 2008 Required Minimum Distribution Relief from Bush
Excerpt: "Refusing to give up the battle over granting the same relief from required minimum distribution (RMD) rules in 2008 that has been granted for 2009, a 61-member U.S. House coalition has called on President Bush to order the U.S. Treasury Department to give investors the 2008 relief. The letter by the group, led by Representatives Spencer Bachus (R-Alabama) and Rodney Frelinghuysen (R-New Jersey), demands that Bush order the Treasury Department to reverse its decision not to extend the RMD relief to 2008 . . . and to allow those already forced to take a distribution to recontribute it 'in order to give their savings time to recover from the down market.'" (PLANSPONSOR.com; free registration required)
New Law Suspends IRA Withdrawals in 2009: Here's How the Rules Will Work
Excerpt: "Retirees who ignore the annual distributions they are required to take from their individual retirement accounts usually run a big risk -- in the form of a 50% excise tax on the amount they should have withdrawn. But not next year. [President] Bush signed legislation that suspends the rule requiring older Americans to take withdrawals from tax-deferred retirement accounts, such as traditional IRAs and 401(k)s. But there are hitches. The suspension lasts for just one year, 2009. And while intended to give beaten-down retirement accounts time to rebound, the new law may also present confusion, particularly for those just starting to take required withdrawals. . . . Here are answers to questions about how the new law will affect taxpayers in 2009 and beyond." (The Wall Street Journal)
President Bush Signs Pension Relief Bill
Excerpt: "The bill allows retirees to avoid making withdrawals from depleted 401(k)s, IRAs, and 403(b)s in 2009. But seniors over age 70 ? need to take withdrawals this year by December 31 or face an excise tax of 50 percent of the amount that should have been withdrawn plus income tax. The Treasury Department and Internal Revenue Service also considered suspending the penalty for 2008, but ultimately decided against it. Businesses will also get temporary relief from their pension funding requirements under the Pension Protection Act." (U.S. News & World Report)
[Official Guidance] Text of Treasury Department Letter to Rep. George Miller; No Required Minimum Distribution Relief for 2008 (PDF)
1 page. Excerpt: "Any steps Treasury could take would be substantially more limited than the relief enacted by Congress and could not be made available uniformly to all individuals subject to required minimum distributions. In addition, implementation of such changes would be complicated and confusing for individuals and plan sponsors." (Department of the Treasury)
[Guidance Overview] Key Provisions of the 'Worker, Retiree, and Employer Recovery Act of 2008' (PDF)
5 pages. Excerpt: "The . . . memorandum describes the key provisions of the Worker, Retiree, and Employee Recovery Act of 2008. This memorandum focuses on the provisions dealing with required minimum distributions, the funding requirements for defined benefit pension plans, and a handful of other provisions likely to be of interest to sponsors and administrators of private pension plans." (Groom Law Group)
[Opinion] Treasury Letter to Congress Regarding 2008 Required Minimum Distribution Relief (PDF)
1 page. (U.S. Department of the Treasury via American Benefits Council)
Bill Would Allow Retirees to Let Nest Eggs Sit in '09
Excerpt: "Retirees with substantial nest eggs are getting some good news -- but not exactly the news they were hoping for. President Bush is expected soon to sign into law a bill that would suspend for one year a requirement for many retirees to withdraw a minimum amount from their individual retirement accounts and 401(k) plans. The measure is a response to the plunge in the stock market this year. But the reprieve applies only to 2009. It doesn't affect the requirement for distributions in 2008." (Los Angeles Times)
IRS/Treasury Keep Rule Requiring Retirees to Withdraw Their Retirement Savings
Excerpt: "The Treasury Department and Internal Revenue Service decided not to change a rule that requires seniors to withdraw money from their individual retirement accounts and 401(k) plans by the end of the year." (The Washington Post; free registration required)
[Guidance Overview] PPA Technical Corrections and Pension Funding Relief Enacted (PDF)
2 pages. (Milliman)
White House Confirms Bush to Sign RMD Bill
Excerpt: "President George Bush will sign into law a bill suspending a requirement that seniors take a required minimum distribution (RMD) from retirement accounts in 2009, the White House has announced." (PLANSPONSOR.com; free registration required)
Congress Waives Minimum Distributions for 2009
Excerpt: "On Thursday, Congress passed a waiver of the minimum distribution rule for 2009, but not for 2008, for employer-provided qualified retirement plans and individual retirement accounts and annuities in H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 2008. President Bush is expected to quickly sign it. The Treasury Department is studying whether to provide relief with regard to 2008 minimum distributions." (WebCPA.com via On Wall Street)
[Guidance Overview] Pension Relief Bill Passed by Congress (PDF)
Excerpt: "Congress has passed the Worker, Retiree, and Employer Recovery Act of 2008 (H.R. 7327), which President Bush is expected to sign into law shortly. The bill provides long awaited technical corrections to the Pension Protection Act of 2006 (PPA) along with limited defined benefit plan funding relief for plan sponsors due to the economic downturn.This For Your Information describes the provisions of the bill and discusses issues arising from these changes." (Buck Consultants)
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