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Compliance December 17, 2008
White House Confirms Bush to Sign RMD Bill
December 17, 2008 (PLANSPONSOR.com) - President
George Bush will sign into law a bill suspending a
requirement that seniors take a required minimum distribution
(RMD) from retirement accounts in 2009, the White House has
announced.
Reported by Fred Schneyer
A Dow Jones news report said White House spokesman Tony Fratto confirmed the President’s intention to sign the RMD legislation, but indicated the timing of the bill-signing was uncertain because the White House had not yet received the legislation from Capitol Hill.
In addition to the RMD provisions waiving the tax penalty for 2009 (see House Passes Pension, RMD Relief ), the bill eases defined benefit plan funding requirements, allowing them more time to meet those requirements (see RMD Bill Also Includes PPA Technical Corrections ). The bill also offers relief to multi-employer plans.
According to Dow Jones, the White House had opposed the pension changes, and it had been unclear if it would attempt to block the bill because of it.
In November, the White House circulated an informal list of objections to those provisions.