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Benefits in the News > By Subject > Distributions - req. minimums View Recent Headlines Now Viewing Excerpts and Recent Headlines [Opinion] Treasury and IRS Successfully Lay the Base for Lifetime Income: The '2012-3 Annuity' and the QLAC "With just a relatively short regulation and a Revenue Ruling, Treasury simply and in a very straightforward way laid out the definitive structure for defined contribution plans (like 401(k) plans) to start providing lifetime income in a market friendly manner. The two pieces of guidance dealing with DB plans which were issued at the same time are very useful, but the meat of the matter is the critical guidance given under the proposed RMD regulation and the spousal consent Revenue Ruling, 2012-3." (Robert J. Toth, Business of Benefits) [Guidance Overview] IRS Wants to Offer RMD Relief for Longevity Annuity Contracts in 403(b)/457, Other Retirement Plans "Based upon [comments received], Treasury and the IRS concluded that 'substantial advantages' exist to modifying the RMD rules to make it easier for a participant to purchase a deferred annuity that is scheduled to commence at an advanced age -- such as age 80 or 85 -- using a portion of his or her account. Accordingly, the proposed regulations . . . would provide that before annuitization, a participant could exclude the value of a longevity annuity contract that meets certain requirements from the account balance used to determine RMDs." (Thompson) [Official Guidance] Proposed IRS Regs on Longevity Annuity Contracts "This document contains proposed regulations relating to the purchase of longevity annuity contracts under tax-qualified defined contribution plans under section 401(a) of the Internal Revenue Code (Code), section 403(b) plans, individual retirement annuities and accounts (IRAs) under section 408, and eligible governmental section 457 plans. These regulations will provide the public with guidance necessary to comply with the required minimum distribution rules under section 401(a)(9). The regulations will affect individuals for whom a longevity annuity contract is purchased under these plans and IRAs (and their beneficiaries), sponsors and administrators of these plans, trustees and custodians of these IRAs, and insurance companies that issue longevity annuity contracts under these plans and IRAs." (U.S. Internal Revenue Service) [Official Guidance] Bill Text for H.R. 3819: Health Freedom for Seniors Act "To amend the Internal Revenue Code of 1986 to allow the transfer of required minimum distributions from a retirement plan to a health savings account." (The Library of Congress) [Opinion] Those 403(b) RMD Amendments and Corporate Resolutions "Some vendors are presenting [RMD amendments for 403(b) plans] to plan sponsors for their signature by year end, as the vendor may have taken it upon itself to generally waive these requirements for those 403(b) customers with individual contracts." (Robert J. Toth, Jr., Business of Benefits) [Official Guidance] 'Retirement News for Employers', Fall 2011 Edition, Published by IRS Articles include: Paying Retirement Plan Benefits; Maximize Your Retirement Savings in 2012 [through salary deferral contributions]; SEPs and SIMPLEs; Disaster Relief for Retirement Plans and IRAs; Exam Director Discusses Priorities For The Current Fiscal Year. (U.S. Internal Revenue Service) [Guidance Overview] Approaching Deadline for Defined Contribution Plans "Employers who sponsor 401(k) or other defined contribution qualified retirement plans and who chose to take advantage of the opportunity to suspend required minimum distributions during 2009 must amend their plans to reflect the suspension before the last day of the plan year beginning on or after January 1, 2011. This means that calendar year plans must be amended by December 31, 2011." (McKenna Long & Aldridge LLP) Important word about authorship: BenefitsLink® (BenefitsLink.com) provides this page for you, containing selected hypertext links to pages on the web that our editors think will be useful or interesting to you. But BenefitsLink is not the author or publisher of those linked pages (except as expressly indicated). You should contact directly the author of any such linked pages for copyright or other information about their contents. Webmaster: Dave Baker (click)   ·   © 2012 BenefitsLink.com, Inc. (contact the webmaster for reprint permission)   ·   Linking: Feel free to link directly to this page, even without specifically crediting BenefitsLink ® as its source. Glad you're here!   ·   Privacy Policy