Bush Signs Law Protecting Retirement Savings for Gay Couples

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.

Matt

December 26th, 2008

I’m no fan of George W. Bush, but I do give him alot of credit for signing this bill.

Tavdy

December 26th, 2008

Wait a moment, Georgie-porgie did something nice for us? Is he feeling ok, or did he just drink too much sherry after the carol service last weekend? We should call in the doctor – I think something is wrong with the president…

(well, wronger than normal)

Lindoro

December 26th, 2008

I have to say this. I felt bad for the Iraqi who threw the shoe and missed. As a matter of fact, i was angry he missed and angrier still that it was not me. I would go even further and say that if i was given the opportunity I would still do it.

That being said, i will give GB credit for 2 things:

1. Being the highest ranking Republican to support immigration reform. I give him credit for bringing the discussion to the front and for supporting the rights of immigrants, even the illegal ones.

2. Singing this bill.

I personally do not believe that he is bigoted. I just think he is stupid, socially inept and mentally unsophisticated; a simpleton. I guess that has been the reason for his earlier success. Almost everybody likes a simpleton if anything out of pity.

Leo

December 26th, 2008

I would offer that President George Bush did nothing specifically for the Gay, Lesbian, Bi and Transgendered community with this Act. He implemented a policy that affects all of society, not specifically a single subset of society. With the drastically lower rates of marriage in our country these days the financial protection this WRER Act offers covers all assets of society where there is a non-spouse beneficiary. This issue impacts the heterosexual community and beneficiaries financially as hard as it does our own community provided we have not been able to take advantage of other protections such as Wills, Trusts or any other legal estate planning that would allow our significant others to maintain financial stability after our passing.

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