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Scott & Huff, P.C. 1000 S. Garfield Ave. Suite 3 Traverse City, MI 49686 (231) 933-5322 |
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Minimum Required Distribution Relief The House of Representatives and the Senate have each approved The Worker, Retiree, and Employer Recovery Act (H.R. 7327). It is reported by the American Benefits Council that such legislation will allow for a waiver of the MRD rules for 2009 for qualified plans and IRAS, presumably allowing retires to not be required extract assets from plans at this time of substantial depression of asset values. While the legislation does not purport to deal with MRDs in 2008, it appears that the Treasury Department and the Internal Revenue Service intend to issue MRD relief for 2008 in the next few weeks. We will report more when it becomes available and note further that among those who have studied the matter are some that are skeptical that relief is possible for 2008. -December 2008 |
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