Rockville, Maryland 20850
Phone: (301) 251-1180, Fax: (301) 251-0447
Email: info@mcmillanmetro.com
Lona L. Feldman,
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Phone: 301-251-1180 ext. 307 |
Articles |
The Federal "HIRE" Act Gives Employers Substantial Incentives to Hire the Unemployed |
Living Together or Remarriage: What Makes the Most Sense for Older Adults |
In a Divorce, A Beneficiary Designation Trumps the Divorce Agreement |
Employment Tax Issues - New Forms for Making Corrections to The Employer's Quarterly Tax Return |
The Medicare Part D Sign-Up Period for 2009 Ends as of December 31, 2008 |
Brokerage Company Insurance under the Securities Investor Protection Corporation: Article or Blog |
Admissions |
Maryland |
District of Columbia |
Massachusetts |
Education |
LL.M. Taxation, George Washington University Law School, 1987 |
J.D., Boston College Law School, 1974 |
B.A., University of Pennsylvania, December 1970 |
The Pension Act
Late on December 11, the Senate approved H.R. 7327, the "Worker, Retiree and Employer Recovery Act" (the Pension Act) by unanimous consent. The bill was passed by the House on December 10 by unanimous consent, so the measure is cleared for the President's signature.
The Pension Act suspends the need to take required minimum distributions from qualified defined contribution plans and IRAs for calendar year 2009 only, and provides much needed funding relief for pension plans that have seen assets fall precipitously due to the stock market decline. Additionally, the Pension Act makes many technical corrections to the Pension Protection Act of 2008 (PPA), including changes that will require qualified plans to offer nonspouse beneficiaries the option to transfer a decedent's plan interest to an IRA set up to receive the transfer on behalf of the beneficiary. This change for nonspouse beneficiaries will apply for plan years beginning after 2009.