Are you scheduled to take a required minimum distribution (RMD) this year?

April 28, 2020

Several rules on 2020 retirement plan distributions were relaxed last month by federal law through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The 880-page emergency relief package includes a variety of measures including some that apply to individuals with the following retirement plans: defined contribution plans, 403(b) plans, governmental 457(b) plans and IRAs.

Federally required minimum distribution (RMD) payments may be waived by plan sponsors in 2020 for individuals who are over 70 ½ as of Dec. 31, 2019. This applies to the plan types listed above. Gleaner Life Insurance Society plans to continue processing RMDs for this group according to its standard procedure but will adjust accounts if members want to return their checks or if they call prior to the mandatory distribution date.

If you have any questions, wish to waive the 2020 RMD or want to return a distribution that you have already received in 2020, please contact Annuity Services at 800.992.1894, ext. 3513. If you have already contacted us regarding a 2020 RMD change, no further action is necessary.