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ARTICLE · 13 APRIL 2009

Recent Legislation Affects Retirement Plans

Crowe Horwath LLP
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The flow of legislation affecting the administration of retirement plans can move rapidly, making remaining up-to-date and in compliance a challenge. As author Mark Swanson explains, the 2008 Recovery Act provides welcome relief for plan participants and sponsors.

United StatesAccounting and Audit
Mark Swanson
Mark Swanson

The flow of legislation affecting the administration of retirement plans can move rapidly, making remaining up-to-date and in compliance a challenge. As author Mark Swanson explains, the 2008 Recovery Act provides welcome relief for plan participants and sponsors.

Companies should be aware of the effects on retirement plans of the Worker, Retiree and Employer Recovery Act of 2008 (the Recovery Act), signed into law on Dec. 23, 2008. The Recovery Act brought with it some welcome news about plan distributions and made some technical corrections to the Pension Protection Act of 2006 (PPA).

Required Minimum Distributions

Generally, most individuals attaining age 70½ must start taking withdrawals from their retirement plans and individual retirement accounts (IRAs). The minimum required distribution is based on the value of the account and life expectancy factors contained in tables issued by the IRS. Under the Recovery Act, however, no distribution is required for

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