Worker, Retiree, and Employer Recovery Act of 2008 Provides Retirement Plan Relief Author: Howard L. Clemons
The Worker, Retiree, and Employer Recovery Act of 2008 (the “Act”) was signed into law by President Bush on December 23, 2008. The Act includes technical corrections to the Pension Protection Act of 2006 (the “PPA”), some of which may be viewed as more than what would normally be thought of as “technical corrections.” The Act also provides relief to plan participants and pension plan sponsors impacted by the current economic crisis by suspending the requirement to receive minimum distributions for 2009. It also provides limited relief from the defined benefit plan funding rules enacted by the PPA for both single-employer defined benefit pension plans and multi-employer plans.
This material is not intended to constitute a complete analysis of all tax considerations. Internal Revenue Service regulations generally provide that, for the purpose of avoiding United States federal tax penalties, a taxpayer may rely only on formal written opinions meeting specific regulatory requirements. This material does not meet those requirements. Accordingly, this material was not intended or written to be used, and a taxpayer cannot use it, for the purpose of avoiding United States federal or other tax penalties or of promoting, marketing or recommending to another party any tax-related matters.
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