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The Pension Protection Act of 2006 (PPA) changed the way that retirement plan benefits may be paid after a participant passes away. The PPA allows nonspouse beneficiaries, including employees' partners, to roll their inherited retirement benefits directly to an individual retirement account or annuity (an "IRA"). The Worker, Retiree and Employer Recovery Act of 2008 (WRERA) contained technical corrections to the PPA — as a result, all qualifying retirement plans must implement the nonspouse rollover provision as of January 1, 2010. Below is an explanation of these changes in the law and how employers can implement the nonspouse rollover provision.
REVISED: December 2008
The information in this document does not constitute legal advice. For assistance with legal questions specific to your situation, please consult an attorney.