Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal Tech Talk
- The Future of Government Data Centers
- The Future of IT: How CIOs Can Enable the Service-Oriented Enterprise
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Mitigating Insider Threats in Virtual & Cloud Environments
- Modern Mission Critical Series
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Value of Health IT
- Air Traffic Management Transformation Report
- Cloud First Report
- General Dynamics IT Enterprise Center
- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
Some feds face April 1 deadline for first IRA minimum distribution
Friday - 3/23/2012, 11:29am EDT
The deadline applies to feds who turned 70-1/2 years old in 2011.
"Now it makes no difference if this person is retired or still working," said Ed Zurndorfer, a registered employee benefits consultant, in an interview The Federal Drive with Tom Temin.
The MRD is calculated by a formula based on the account balance and the life expectancy. If you miss the deadline, the penalty is 50 percent of what you were supposed to take out, "so the penalty is pretty severe if you don't take out that MRD," Zurndorfer said.
One important point to note is that if you turn 70-1/2 in 2012, the deadline for the first MRD is actually Dec., 31, 2012, he said.
Also, if you have a Roth IRS, you do not have to take out a MRD, "no matter what their age is," Zurndorfer said.
MRDs must be made separately for Thrift Savings Plan and 401(k) plans, he said.
One of the differences between TSP and the traditional IRS is that employees who still work for the federal government but are at least 70-1/2 do not have to take out a MRD, Zurndorfer said.