Retirement Blues: From Pension Plan to 401k Plan-Sound Retirement Investing Advice
We are all still feeling the impact of the financial crisis from 2008. The pension crisis has been brought to the attention of Congress. When President Bush was leaving office, one of his final actions was the signing of an act called the Worker, Retiree, and employer Recovery Act of 2008. This act was designed to decrease the number of employers who were reducing the pension benefits offered by the company. The bill included provisions that includes aid for single-employer pension plans, temporary penalty suspensions for anyone who was aged 70 1/2 or older who did not make required distributions from their 401k plans or IRA plans and relief for multi-employer plans. The act was a huge relief for retirees who were not making distributions. The original penalty of up to 50% was suspended.
We are all still feeling the impact of the financial crisis from 2008. The pension crisis has been brought to the attention of Congress. When President Bush was leaving office, one of his final actions was the signing of an act called the Worker, Retiree, and employer Recovery Act of 2008. This act was designed to decrease the number of employers who were reducing the pension benefits offered by the company. The bill included provisions that includes aid for single-employer pension plans, temporary penalty suspensions for anyone who was aged 70 1/2 or older who did not make required distributions from their 401k plans or IRA plans and relief for multi-employer plans. The act was a huge relief for retirees who were not making distributions. The original penalty of up to 50% was suspended.
