By Keith W. Young, Chairman of the DROP Advisory Council Many state, county governement, and school employees are getting ready to retire. Some are leaving early from DROP. Here is a checklist so you can avoid some of the common mistakes others make: Is your retirement paperwork in order? Some forms […]
Dropadvisorycouncil
On December 20, 2019, The SECURE Act became law. The SECURE Act, which is an acronym for “Setting Every Community Up for Retirement Enhancement” is mainly intended to expand opportunities for more individuals to increase their retirement savings. Here are several major facets of the new law. The required minimum […]
The SECURE Act – How will this affect your RETIREMENT?
The SECURE Act raises the age for beginning required minimum distributions (RMDs) to 72 for all retirement accounts subject to RMDs. Any IRA owner who turned 70½ in 2019 or earlier is still bound by the old rules and cannot take advantage of the new age 72 rule. IRA owners […]
Required Minimum Distribution Age Raised to 72!
If you work until your original Deferred Retirement Option Program (DROP) termination date, the Division of Retirement will mail you your DROP Termination Packet approximately 90 days prior to your last day of employment. If your employment ends before your original DROP termination date, it is important that either you […]
What are steps you must take to terminate from DROP?
The “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) waives required minimum distributions (RMDs) for 2020. This waiver applies to company savings plans and IRAs, including both inherited traditional and inherited Roth IRAs. While that sounds like a straightforward announcement, the RMD waiver has generated a landslide of inquiries […]