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Employee Benefits Update - March 2009
Required Minimum Distributions From Defined Contributions Plans Waived for 2009

03/12/2009

Required Minimum Distributions From Defined Contributions Plans Waived for 2009

In response to recent financial turmoil, President Bush signed the Worker, Retiree, and Employer Recovery Act of 2008 (the "Act") on December 23, 2008. Under the Act, participants and their beneficiaries do not have to take a required minimum distribution ("RMD") for 2009 from defined contribution plans described in Section 401(a), such as Section 401(k) plans, Section 403(b) plans, or Section 457(b) plans. The Act also waives any RMD for 2009 from Individual Retirement Arrangements ("IRAs"). The waiver does not apply to defined benefit plans.

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