HR 8567
Required Minimum Distribution Modernization Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Required Minimum Distribution Modernization Act of 2020, changes the age at which people must start taking required minimum distributions from their retirement accounts. It increases the age to 75 and creates an exception for individuals with smaller retirement account balances – specifically, those with less than $100,000 in their defined contribution plans. The bill also requires plan administrators to report on the account balances of participants who are 74 and older. These changes are designed to provide more flexibility for those nearing retirement with lower savings.
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Primary sponsor
Stephanie N. Murphy
Cosponsor
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