New law helps same-sex couples

[deadparrot]

WASHINGTON - Some advantages of retirement accounts once reserved for spouses can now be used by other beneficiaries, a change lauded by gay and lesbian groups as a boon for unmarried couples.

One change, part of the pension overhaul that President Bush signed into law Thursday, lets a beneficiary spread out the tax hit when inheriting a retirement plan like a 401(k).

The old law required a beneficiary who wasn't a spouse to take the money in a lump sum and pay income tax. The higher-than-average income meant they often paid tax at higher income tax rates.

Under the new law, heirs can put the money into an Individual Retirement Arrangement, or IRA, and withdraw the money over time — either over five years or over his or her life expectancy.

http://news.yahoo.com/s/ap/20060818/ap_on_go_pr_wh/pensions_gay_couples

[Ian David]

1. Post this on conservative boards: "Bush signs pro-homosexual law"

See prior thread:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=221&topic_id=39741&mesg_id=39741

[HockeyMom]

2. Is this part of the new Pension "Protection" Bill?

If it is, there is a provision in it which says if your company has a pension plan and a 401K they can AUTOMATICALLY enroll you in the 401K. "They" (Bush/Republicans?) said too many people aren't enrolling because it was an oversight on the employee's part. Duh?

Really? Do they think people are that stupid? Where I work they actually had somebody come in and spend TWO HOURS talking to us about 401K plans. You know what? I didn't enroll, by my own choice. I did nothing. I just didn't sign the forms to enroll. So now, they will presume you mean yes unless you emphatically say no? Wasn't it always the other way around?

To me this is just more of the Bush Administration Privatization Game.

[ck4829]

3. The 'christian' Right's going to get pretty angry about this.

[noahmijo]

4. Here in Arizona the Chri$tian$ have a proposition to ban not just gay

marriage, but also make it illegal for any entity to give any kind of benefits to same sex couples. Even here in fucked up Arizona the government will allow health benefits, ect to same sex couples and most of the corporations out here if not all of them honor full benefit plans to same sex couples.


But knowing Arizona's fear of anything that angers Jesus they will vote to take the Civil Rights movement back another 10 steps.