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Shea-Porter Applauds Passage of Worker, Retiree, and Employer Recovery Act  12.12.2008
Washington, DC - Late last night, the House of Representatives passed H.R. 7327, the Worker, Retiree, and Employer Recovery Act of 2008.

H.R. 7327 contained a provision that would suspend for one year the requirement that retirees over 70½ years of age withdrawal a certain minimum dollar amount from their retirement accounts. This figure is based on the value of a retirement plan's past value. With the large decrease in value most people have recently seen many retirees would be forced to withdrawal funds from their account based on a value that no longer exists.  

"During these tough economic times, retirees should not be forced to withdrawal additional money from their accounts based on inaccurate calculations," said Congresswoman Shea-Porter. "I am proud that the House was able to address this issue by unanimous consent and provide some necessary relief to our retirees. I urge the Senate and the President to act swiftly and ensure that this legislation is signed into law."


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