The IAM International Page is a great source of information for retirees and their families.
NOTES FROM IAM LL912 RETIREE MEETINGS
Major Highlights Of The SECURE Act, which was passed into law in December, 2019:
1. Required Minimum Distributions (RMDs) Will Start at Age 72, Not Age 70½: You will now need to start withdrawing money from your traditional IRAs and employer tax deferred accounts such as 401(k)s, 403(b)s, and 457s at age 72, a change from the current withdrawal requirement of age 70½.
If you turned age 70½ in 2019 (born prior to July 1, 1949), you will still need to take your RMD for 2019 no later than April 1, 2020. If you are currently receiving RMDs (or should be) because you are over age 70½, you must continue taking these RMDs. Only those who will turn 70½ (born on or after July 1, 1949) in 2020 or later may wait until age 72 to begin taking required distributions.
2. You Can Contribute to Your Traditional IRA After Age 70½: Beginning in the 2020 tax year, the new law will allow you to contribute to your traditional IRA in the year you turn 70½ and beyond, provided you have earned income. You still may not make 2019 (prior year) traditional IRA contributions if you are over 70½.
3. Inherited Retirement Accounts: Upon death of the account owner, distributions to non-spouse individual beneficiaries must be made within 10 years. Previously, allowed a non-spouse IRA beneficiary to “stretch” required minimum distributions (RMDs) from an inherited account over their own lifetime (and potentially allow the funds to grow tax-free for decades). This has now been eliminated. The rule applies to inherited funds in a 401(k) account or other defined contribution plan as well.
Insurance and Medicare Overviews
The Division of Energy Employees Occupational Illness Compensation (DEEOIC) provides benefits to atomic weapons industry workers who developed illnesses linked to their employment. Tina Higginbotham is the Resource Center Manager who has come to our meetings to provide help and answers.
Mesothelioma is a rare form of cancer that is caused by asbestos exposure. This website provides information and treatment options. You can learn from survivors and look into veterans benefits and claims.
We will hold at least four Retiree meetings per year. To see our upcoming meetings and events, look at our Events Page
If you have questions or advice on what you’d like to have here, please come to our meetings or contact us by clicking the IAM seal below.