No Minimum Distributions in 2009!
January 25th, 2009
It’s official. The Worker, Retiree and Employer Recovery Act of 2008 was signed by President Bush. The new law, which was designed to help alleviate the financial burden facing investors in this economic downturn, suspends the current requirement for mandatory withdrawals from retirement accounts at age 70 ½ and allows the money to remain invested on a tax-deferred basis. The new law will apply to all defined-contribution plans, including 401(k), 403(b), 457(b), and IRA accounts. Please note this waiver applies only to 2009.
Filed under: General
