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:
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For example, New York State Department of Civil Service's Advisory Memorandum 24-08 reflects changes required as the result of certain amendments to §72 of the New York State Civil Service Law to take effect January 1, 2025 [See Chapter 306 of the Laws of 2024]. Advisory Memorandum 24-08 in PDF format is posted on the Internet at https://www.cs.ny.gov/ssd/pdf/AM24-08Combined.pdf.
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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.
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