Legislators Ask for Suspension of Required Minimum Distribution Rules

Education and Labor Committee Chairman George Miller along with Subcomittee Chair Robert Andrews have written to Secretary Paulson asking that the required minimum distribution requirements be suspended during this current economic crisis.

Document Excerpt

As a further step to address the current financial crisis, we request that you take immediate action to help senior citizens preserve their retirement investments. Specifically, we request that you suspend the required minimum distribution (RMD) and the tax penalty for retirement account holders who are 70 years or older who might not want to withdraw from their retirement accounts during the current financial crisis.

Link http://www.house.gov/apps/list/speech/edlabor_dem/10102008PensionRule.html

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