New IRS Proposal Eases Retirement Plan Distribution Human Resource Executive (03/15/01) Vol. 15, No. 4 p.10; Dore, Cheryl
The Internal Revenue Service has proposed new retirement rules
that will allow retirement plan administrators to calculate account
distributions based on age and the account's balance every year after
the owner reaches the age of 70.5. In addition, beneficiaries can be
determined up to one year after the owner's death. The new rules, which
are under review and take effect on Jan. 1, 2002, will allow families to
maximize their retirement account balance in estate planning.