On June 18, 2020, MPERS’ Board of Trustees adopted changes to the Board Rules (see below). By law, the public has 30 days to make comments before the changes become law. If you wish to comment, please send comments to Greta Bassett-Seymour, Assistant Executive Director/General Counsel, by July 20, 2020.
The change to Board Rule 1-12 was required because of amendments proffered by the SECURE Act to The Tax Code. The amendment takes the required minimum distribution age from 70½ to 72. The change is required to our board rule in order to remain compliant with other federal tax laws and to remain a qualified plan.
1-12 Required Minimum Distributions1
Effective July 1, 2011, in accordance with Internal Revenue Code Section 401(a)(9) and related Treasury Regulations regarding required minimum distributions, distributions will be made no later than the April after a vested deferred member attains age 72 or when an active member retires, whichever is later.
1 Approved June 22, 2017. Added in response to IRS determination letter inquiry. Revised June 18, 2020, subject to the SECURE Act of 2019. Note: the effective date of July 1, 2011 is related to the IRS determination letter inquiry and not related to the change in the age requirements.