The QLAC rule will facilitate access to deferred annuity options in qualified retirement plans including individual retirement accounts. With these longevity annuity contracts, the income stream commences at an advanced age, such as age 80 or 85. As such, the use of these options in qualified retirement plans are typically impeded by required minimum distribution rules that kick in at age 70.5. Under the QLAC rule, the value of the annuity contract would be excluded from the account balance used to determine required minimum distributions.
Statement from IRI President and CEO
"Today's announcement by the
Click here (http://www.treasury.gov/press-center/press-releases/Pages/jl2448.aspx) to view the Treasury's announcement.
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