ARTIFICIAL INTELLIGENCE [AI] IS NOT USED, IN WHOLE OR IN PART, IN PREPARING NYPPL SUMMARIES OF JUDICIAL AND QUASI-JUDICIAL DECISIONS

November 23, 2015

Taxpayers born before July 1, 1945 may be required to take distributions from their IRA and similar plans no later than December 31, 2015 to avoid penalties


Taxpayers born before July 1, 1945may be required to take distributions from their IRA and similar plans no later than December 31, 2015 to avoid penalties

The Internal Revenue Service has posted a reminder indicating that taxpayers born before July 1, 1945 generally must receive payments from their IRA and similar deferred compensation plans at least equal to their “required minimum distribution" (RMD) from IRAs and workplace retirement plans by Dec. 31, 2015. Failure to do so may have tax consequences.

Employees of public schools and certain tax-exempt organizations participating in a §403(b) plan, for example employees of the State University of New York, the community colleges and the Board of Higher Education of the City of New York participating in a “Special Annuity Plan” pursuant to Article 8-C of the Education Law, having accruals before 1987 should check with their employer, plan administrator or provider to see how to treat these accruals.

The IRS advisory is posted on the Internet at:
https://www.irs.gov/uac/Newsroom/Tax-Preparedness-Series:-Most-Retirees-Need-to-Take-Required-Retirement-Plan-Distributions-by-Dec.-31

CAUTION

Subsequent court and administrative rulings, or changes to laws, rules and regulations may have modified or clarified or vacated or reversed the decisions summarized here. Accordingly, these summaries should be Shepardized® or otherwise checked to make certain that the most recent information is being considered by the reader.
THE MATERIAL ON THIS WEBSITE IS FOR INFORMATION ONLY. AGAIN, CHANGES IN LAWS, RULES, REGULATIONS AND NEW COURT AND ADMINISTRATIVE DECISIONS MAY AFFECT THE ACCURACY OF THE INFORMATION PROVIDED IN THIS LAWBLOG. THE MATERIAL PRESENTED IS NOT LEGAL ADVICE AND THE USE OF ANY MATERIAL POSTED ON THIS WEBSITE, OR CORRESPONDENCE CONCERNING SUCH MATERIAL, DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP.
NYPPL Blogger Harvey Randall served as Principal Attorney, New York State Department of Civil Service; Director of Personnel, SUNY Central Administration; Director of Research, Governor’s Office of Employee Relations; and Staff Judge Advocate General, New York Guard. Consistent with the Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations, the material posted to this blog is presented with the understanding that neither the publisher nor NYPPL and, or, its staff and contributors are providing legal advice to the reader and in the event legal or other expert assistance is needed, the reader is urged to seek such advice from a knowledgeable professional.
New York Public Personnel Law. Email: publications@nycap.rr.com