Tuesday, October 10, 2006

Pension Protection Act and GLBT couples

At the Human Rights Campaign National Dinner in Washington DC on October 7, 2006, president Joe Solomonese mentioned the improved benefits for same-sex couples as a result of the Pension Protection Act signed into law on Aug. 17, 2006. Previously, same-sex partners had to withdraw an entire inheritance from a partner's IRA, with heavy tax penalties. Now, apparently partners will be able to transfer funds to their own IRA's and withdraw over a five-year period or over a lifetime. There are also hardship distribution provisions.

A good writeup of the provisions is from Ramon Johnson, "You Guilde to Gay Life," at this link:

HRC's writeup is here.

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