Bush Signs Law Protecting Retirement Savings for Gay Couples

[ccharles000]

Jim Burroway
December 26th, 2008
President George Bush on Tuesday signed into law the Worker, Retiree and Employer Recovery Act of 2008 (WRERA). This act requires employers to allow employees to roll their retirement plans over to unmarried partners. Before now, a similar provision of an earlier act was optional:

The Worker, Retiree and Employer Recovery Act of 2008 (WRERA), signed by President Bush today, contains technical corrections to the Pension Protection Act of 2006 (PPA). PPA made it possible for employers to allow any nonspouse beneficiary of an employee’s retirement plan—including an employee’s same-sex partner—to roll inherited retirement benefits directly to an individual retirement account (IRA) and avoid immediate taxation. WRERA requires that all employers provide this rollover opportunity to nonspouse beneficiaries.

Employers will be required to make this rollover available on January 1, 2010.

http://www.boxturtlebulletin.com/

[xchrom]

1. recommend -- i don't care who does it -- it's the right thing. nt

[stopbush]

2. Excellent. Too bad bush didn't spend his presidency doing the right thing.

I'll take his doing something right at the end of it.

[madeline_con]

3. He's doing a bunch of last minute damage control.

Gotta get that Chimp Library filled with fun things instead of war memorabilia.

[noamnety]

4. I have a question about this law

I see the impact, which is great - I'm curious (and admittedly suspicious) about the intent.

Was the rewrite done for nonmarried partners to be able to get tax-free benefits? Or is it for any beneficiary to get tax-free benefits?

What I'm really asking is whether this was done to allow children to inherit their parents' wealth without being further taxed on the inheritance. I'm not so quick to jump on board framing this as "a good thing Bush did for the glbt community" - I suspect it's about maintaining generational wealth and not paying taxes in general, and just a fluke that they couldn't figure out a graceful way to exclude gay partners.

[tbyg52]

5. I know zip about this beyond the OP, but I bet you're right. nt

[xchrom]

6. our people need these benefits -- i'm not going to

kick dust in the face of others over this issue.

this will make a world of difference for many lgbtiq people.

[noamnety]

8. I'm with you on that.

It's a right that is needed and overdue.

I'm just not quite ready to give Bush a pat on the back for doing it because he cares about gay people.

[xchrom]

9. no -- he doesn't care about gay people -- at all.

we just managed to eke out something owed to us.

but care? no indeed not.

[marshall]

7. I think it's a good thing if it helps the maximum number of people

Not just sexual partners, but any loved one. There are all kinds of families.