White House Confirms Bush to Sign RMD Relief

President George Bush will sign into law a bill suspending a requirement that seniors take a required minimum distribution (RMD) from retirement accounts in 2009, the White House has announced.

A Dow Jones news report said White House spokesman Tony Fratto confirmed the President’s intention to sign the RMD legislation, but indicated the timing of the bill-signing was uncertain because the White House had not yet received the legislation from Capitol Hill.

In addition to the RMD provisions waiving the a tax penalty for 2009, the bill eases defined benefit plan funding requirements, allowing them more time to meet those requirements. The bill also offers relief to multi-employer plans (See Pension, RMD Relief Waits President’s Signature).

According to Dow Jones, the White House had opposed the pension changes, and it had been unclear if it would attempt to block the bill because of it. In November, the White House circulated an informal list of objections to those provisions.