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 […]
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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 […]
Top 12 Required Minimum Distribution (RMD) Waiver Questions
IRAs are supposed to be for saving for retirement but in challenging economic times like these many individuals may be forced to take distributions before retirement age. Be careful! If you tap your IRA before reaching age 59 ½, the bad news is that you run the risk of being […]
Exceptions to the 10% Early Distribution Penalty for IRAs
Be alert to fraudulent emails, text messages, and phone callsFraudsters are on the attack, using malicious email, text messages, and telephone scams designed to steal tax refunds and government stimulus checks being distributed to eligible individuals. Don’t fall for common scams: Internal Revenue Service (IRS) ChecksNo business/service can get you […]