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Required Minimum Distributions Suspended for 2009 The recently enacted
Worker, Retiree and Employer Recovery Act suspends the need to take
required minimum distributions from qualified defined contribution
plans and IRAs for calendar year 2009 only, and provides much needed
funding relief for pension plans that have seen assets fall precipitously
due to the stock market decline. Additionally, the Pension Act makes
many technical corrections to the Pension Protection Act of 2008
(PPA), including changes that will require qualified plans to offer
nonspouse beneficiaries the option to transfer a decedent's plan
interest to an IRA set up to receive the transfer on behalf of the
beneficiary. This change for nonspouse beneficiaries will apply
for plan years beginning after 2009. |
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