StormTigger
I am Tigger, feel my bounce!
- Joined
- Sep 28, 2002
- Messages
- 333
Just found this article on-line, and thought I'd share w/ the group.
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New U.S. pension law adds gay protections
published Friday, August 18, 2006
The new federal pension law signed Thursday by President Bush includes two provisions that extend important financial protections to same-sex couples.
The first provision, called "non-spousal rollover," allows individual's retirement plan benefits, such as a 401(k), to be transferred to an Individual Retirement Account (IRA) for a nonspouse beneficiary -- like a domestic partner, sibling, or any other designated person.
In the past, same-sex partners were forced to withdraw the amount as a lump sum and faced immediate tax penalties, diminishing savings intended for retirement.
The second provision, known as "hardship distribution," allows individuals who list their same-sex partner or other nonspouse beneficiary under a 401(k) plan the ability to tap into their retirement funds in the case of certain medical or financial emergencies of the beneficiary.
In the past, federal law permitted such withdrawals only for employees' legally recognized spouses or dependents.
"This is an incredibly exciting victory that will be helpful to millions of gay, lesbian, bisexual, and transgender families," said Joe Solmonese, president of the Human Rights Campaign.
Solmonese said his group had fought hard to have the two provisions included in the final version of the measure.
"Basically what this means is that these two provisions ensure that the U.S. tax code, in times of emergencies, is fairer to more Americans, including our community, and puts us on a more equal footing with other couples," he said.(The Advocate)
---------------------------------------
New U.S. pension law adds gay protections
published Friday, August 18, 2006
The new federal pension law signed Thursday by President Bush includes two provisions that extend important financial protections to same-sex couples.
The first provision, called "non-spousal rollover," allows individual's retirement plan benefits, such as a 401(k), to be transferred to an Individual Retirement Account (IRA) for a nonspouse beneficiary -- like a domestic partner, sibling, or any other designated person.
In the past, same-sex partners were forced to withdraw the amount as a lump sum and faced immediate tax penalties, diminishing savings intended for retirement.
The second provision, known as "hardship distribution," allows individuals who list their same-sex partner or other nonspouse beneficiary under a 401(k) plan the ability to tap into their retirement funds in the case of certain medical or financial emergencies of the beneficiary.
In the past, federal law permitted such withdrawals only for employees' legally recognized spouses or dependents.
"This is an incredibly exciting victory that will be helpful to millions of gay, lesbian, bisexual, and transgender families," said Joe Solmonese, president of the Human Rights Campaign.
Solmonese said his group had fought hard to have the two provisions included in the final version of the measure.
"Basically what this means is that these two provisions ensure that the U.S. tax code, in times of emergencies, is fairer to more Americans, including our community, and puts us on a more equal footing with other couples," he said.(The Advocate)
Maybe little changes now will lead to bigger changes later on.
