start planning now for 2009. you can save even more in 2009, thanks to another increase in the internal revenue code limits on elective deferrals to most defined contribution plans. participants in 401(k), 403(b), and 457(b) plans may typically contribute up to $16,500 in 2009. those who are 50 or older may typically take advantage of the catch-up provision by contributing up to $22,000 in 2009. increasing your savings now should enhance the security of your retirement. |
on december 22, president bush signed the wrera providng some pension reliefto funds, employees and retirees.
unlike others of the 2008 vintage, this relief act does not involve any federal funding. it simply gives companies & pension funds a longer time to react to and pay off the historic market losses of the last few months. it also suspends for iras and 401(k)s the minimum distribution rules. otherwise, many people over the age of 70 would have to withdraw money from their plans at a time when investments had lost a big portion of their value.
Senate Press Release
Technical Explanation of WRERA |
