Required Minimum Distributions
Federal rules prohibit funds from being kept in a retirement account indefinitely. Generally, individuals are required to start taking minimum withdrawals from their retirement account when they reach age 72 (73 if you reach 72 after December 31, 2022). The beginning date for the first required minimum distribution depends on the pension plan type.
Relief associations with deferred members who are nearing age 73 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 March 2023 Pension Newsletter