On December 23, 2008, President Bush signed the Worker, Retiree and Employer Recovery Act of 2008 (H.R. 7327)

This could have a direct impact on many Oak Point residents.

Basic provisions are as follows;

Beginning in 2009, "required minimum distributions" for IRAs and Defined Contribution Plans, specifically IRS Section 403 (a) (b) and 457 plans will be suspended. The suspension of "RMD" will be for the 2009 tax year only! "RMDs" for the 2009 tax year could be left in their plans with no penalty in 2009 for non-withdrawal.

Owners and beneficiaries of these plans who would normally be required to take the "RMD" for the 2008 tax year are still required to do so, but would be allowed this suspension only for the 2009 year, unless more changes are forthcomming.

The next required "RMD" would be for the calendar year 2010, unless changes to the Act are made during the 2009 year.

Jack Warren

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