President Bush recently signed the Worker, Retiree and Employer Recovery Act of 2008, a bill that places a one year moratorium on Required Minimum Distributions (RMD) from Individual Retirement Accounts (IRAs) for 2009. This means that members with IRAs do not have a 2009 RMD.

As we believe many of our traditional IRA owners already receiving periodic payments will want to receive their scheduled 2009 payments, we will distribute 2009 periodic payments as usual, unless you inform us in writing that you do not wish to receive payment.

Members with Traditional IRAs or IRA Beneficiaries will be receiving a mailed notification from LBS Financial Credit Union prior to your normal distribution time requesting a response only if you do not wish to receive a payment.

Please contact Irene Mako, IRA Specialist at 562.598.9007 or 714.893.5111, extension 4107 if you have any questions about the new IRA legislation for 2009.