Bill Suspends Minimum Required Distributions; Implications for Charitable IRA Rollovers
Congress has passed and sent to the President for signature H.R. 7327, the Worker, Retiree and Employer Recovery Act of 2008, a bill that places a one year moratorium on required minimum distributions from Individual Retirement Accounts and defined contribution plans for 2009. Although the intent of the legislation is to give retirees an opportunity to recoup financial losses suffered in the last year, it may adversely affect some charitable IRA rollovers.
Editor's Note: Our initial reporting stated participants would be able to recontribute MRDs made in 2008 back into their plans. This was based on a press release from Senator Olympia J. Snowe's office (R-Maine) that PGDC Editors misconstrued as applying to the current bill.