Beyond marriage? Let's move beyond progress
Filed by: Alex Blaze
December 31, 2008 3:20 PM
http://www.bilerico.com/2008/12/beyond_marriage_lets_move_beyond_progres.php (http://www.bilerico.com/2008/12/beyond_marriage_lets_move_beyond_progres.php)
American workers have had their retirements under assault for over three decades. They've been losing as companies moved from defined-benefit programs over to defined-compensation and plans that were basically a tool to move worthless or soon-to-be worthless stock onto workers. And this past year, as the economy crashed due to lack of oversight and regulation (as well as due to the completely predictable "never-ending economic development" bubble bursting), even more people have lost significant parts of their retirements and will be forced to re-join the workforce in their 60's, 70's, and 80's or not have enough to eat.
The situation for retirees is pretty bleak, but Bush did just sign the Worker, Retiree and Employer Recovery Act of 2008 (WRERA) into law. The largest part of the act lifts the penalties on those over 70.5-years-old not meeting the minimum required distribution on IRA's, 401(k)s, and 403(b)s in 2009, which means that seniors who want to take out less (and have even less to get by on), won't be penalized and can wait and see if the market improves in 2010.
Also included in the act is the part that gay activists have been celebrating securing "much-needed protection for lesbian and gay couples," some even going so far as to call the WRERA a "gay rights bill," because of a provision that requires that rolling an IRA over to a non-spouse beneficiary (which would include a same-sex partner) be made available to employees.