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Important Information About Your IRA and RMD
Worker, Retiree and Employer Recovery Act of 2008 to Bring Changes

January 14, 2009 – On December 23, 2008, President Bush signed the Worker, Retiree and Employer Recovery Act of 2008 into law.  This law WAIVES the requirement that IRA owners who are age 70 1/2 or older, take a required minimum distribution (RMD) from their IRA for the 2009 tax year.  Beneficiaries of IRA's (i.e., deceased account IRA’s) also do not need to take an RMD for 2009.The IRS has issued Notice 2009-9 regarding this new RMD waiver law. This new guidance states that financial organizations do NOT need to send annual RMD notices. Please also note the following about 2009 RMD’s:
  • RMD’s are waived for tax year 2009 for everyone, including IRA owners who turn age 70 ½ in 2009.
  • Three Rivers will NOT be sending RMD notices to our IRA members for 2009. 
  • All RMD’s set up for automatic distribution on an annual basis will be cancelled for 2009. 
  • Members can still choose to withdraw funds from their IRA’s at any time in 2009 as normal distributions.
  • If you would like to know what you would have been required to take prior to the waiver law or have any additional questions, please our Member Relations Center (260.490.8328 or 800.825.3641) or visit any branch location.
One final note:   IRA members who turned 70 ½ last year (2008) who have not taken their initial RMD distribution for 2008 still have until April 1, 2009 to take that RMD.  2008 RMD distributions ARE still required for these members, if not already taken.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government, the National Credit Union Administration, a U.S. Government Agency.

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