Politics

Bush signs law protecting retirement savings for gay couples.

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CREDIT:

Yesterday, Bush signed into law the Worker, Retiree and Employer Recovery Act of 2008 (WRERA), requiring employers to allow employees to roll their retirement plans over to nonspouse partners. The Human Rights Campaign hailed the bill for allowing gay couples to share benefits:

PPA [Pension Protection Act of 2006] 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.