On December 23, 2008, President Bush signed into law, the Worker, Retiree, and Employer Recovery Act of 2008. The new law contains several provisions designed to ease requirements for pension plans and individuals stressed by the current economic crisis. Most notably, the new law contains a waiver of the minimum required distributions from IRAs, 401(k), and similar plans for retirees for 2009 only. In addition, there are several provisions that apply specifically to plan administrators and deal with funding rules. This summary will only address the issues that are most critical for your clients.
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