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Required Minimum Distributions Must be Made
April 1, 2020
All plans: Required minimum distributions for 2019 must be made for participants who attained age 70½ in 2019.
Participants who attained age 70½ in 2019 and who are no longer employed by the firm will be required to receive their first distribution (for 2019) by April 1, 20120 and their distribution for 2020 by December 31, 2020. If the RMD is not made in a timely manner, the participant may be liable for a 50% excise tax.
Each participant who is age 70½ or older and who still works for your firm can delay payments until he/she retires, as long as he/she does not own more than 5% of the firm. (If a participant* owned more than 5% at any time during the year in which he/she attained age 70½ (“5% owner”), RMD payments must begin in that year and continue to be made in each year thereafter even if ownership is reduced.) To learn more, please reference the Understanding Required Minimum Distributions eSeminar.
*The 5% ownership also extends to a participant’s spouse, lineal ascendants and descendants who may also be participating in the plan.
To add this deadline to your Outlook calendar just click this link and save the meeting reminder: https://voyadelivers.com/aba/ics/2020/04012020_rmd.ics