WASHINGTON (CN) - The Internal Revenue Service wants to allow Individual Retirement Account holders to exclude funds in long term annuities from calculations for yearly minimum distributions from their accounts.
Under new rules proposed by the IRS, balances held in long term annuity contracts would not be included in the minimum distribution calculation until the retiree reaches age 85.
The IRS also proposed rules that would allow retirees to take a partial lump sum distribution from a defined benefits pension plan and receive the balance as an annuity.
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