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  The Worker, Retiree and Employer Recovery Act of 2008

The Worker, Retiree and Employer Recovery Act of 2008 allows you to waive your Required Minimum Distribution (RMD) for tax year 2009. This one year waiver of RMD applies to Traditional IRA owners aged 70 or older, and to beneficiaries of deceased Traditional and Roth IRA owners.

IRA owners aged 70 in 2008, who delayed taking their 2008 RMD are still required to take that distribution by April 1, 2009.

If you have signed up for automatic payment of your RMD amount, you will receive a distribution calculated in the same manner as your RMD amount would have been calculated for 2009 unless you notify us.

Due to the numerous variables affecting each individual, we advise that you consult with your qualified tax professional before deciding whether or not to waive your 2009 RMD.

For more information, please visit the IRS website here.


 
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