Client Alerts Plan Amendment Alert

Publication
12.06.11

WRERA provided a temporary waiver of required minimum distributions (RMD’s) for 2009. Through this act, individuals with IRA’s and plan sponsors with qualified plans could suspend RMD’s in 2009.

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Worker, Retiree, and Employer Recovery Act of 2008 (WRERA)

WRERA provided a temporary waiver of required minimum distributions (RMD’s) for 2009. Through this act, individuals with IRA’s and plan sponsors with qualified plans could suspend RMD’s in 2009. Plan sponsors that took this action are required to amend their plans. To recognize this election to suspend RMD’s, plan sponsors must formally amend their plans under WRERA by December 31, 2011. Failure to amend your plan timely could disqualify your plan.

Action Items

Check with your plan administrator or service provider now to find out if this amendment has already been incorporated into your adoption agreement or plan document. Your plan administrator or service provider may or may not have incorporated this amendment last year with the PPA or HEART amendments. If it has not yet been incorporated, you need to ask your plan administrator or service provider to send you this amendment. You must complete and sign this amendment by the end of this year. Should you need any assistance in making this determination or with the completion of the amendment, please contact us at 312.670.7444 and we will be happy to assist you.

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