NMU's Compliance Database - Northern Michigan University
Small Business Job Protection Act
| Reviewed By | Internal Auditor Owner |
| Regulation Reference Cite | Public Law No. 104-188, 110 Stat. 1755 |
| Report Due Date (Actual) | Refer to description |
| Level | Requirement |
| Oversight Unit | HUMAN RESOURCES |
| Person Responsible | Heather Haupt |
| Secondary Person Responsible | Rhea Dever |
| President / VP Level | Finance |
| Description |
Under the new rule, which commenced in 1997, distributions will not need to be made until April 1 of the year following the later of the year the employee attains age 70 1/2, or the year the employee retires. Five-percent owners and IRA holders are still subject to the minimum distribution rule, that is, they will need to start receiving distributions by April 1 of the year following attaining age 70 1/2 even if they are still working. Minimum distributions from tax-qualified retirement plans will not be required for workers over age 70 1/2. Benefits for those workers still working after age 70 1/2 must be actuarially adjusted for those who are participating in defined benefit plans. |
| Contacts and Data Sources |
| https://www.congress.gov/bill/104th-congress/house-bill/3448 |
| Internal Notes |
| This compliance item has notes that are available internally to the oversight unit. Please contact the Risk Management Department for more information |