Required Minimum Distributions

Federal rules prohibit funds from being kept in a retirement account indefinitely. Generally, individuals are required to start taking withdrawals from their retirement account when they reach age 701/2. The beginning date for the first required minimum distribution depends on the pension plan type. 

Relief associations with deferred members who are nearing age 701/2 or members who have exceeded this age should work with a tax professional to determine if or when any minimum distributions are required.

Published last in the May 2019 Pension Newsletter