Continental promo
||  News  ||
 
08/19/06-08/21/06

Gays included in new federal pension law

Gays included in new federal pension law

A national gay rights group hailed President Bush's signing on Thursday of the federal Pension Protection Act, a new law that includes two provisions that extend important financial protections to more Americans, including same-sex couples. "This is an incredibly exciting victory that will be helpful to millions of gay, lesbian, bisexual, and transgender families," said Joe Solmonese, president of Human Rights Campaign.

Solmonese noted that HRC fought hard to have the two provisions included in the final version of the measure. "Basically, what this means is that these two provisions ensure that the U.S. tax code, in times of emergencies, is fairer to more Americans, including our community," he said, "and puts us on a more equal footing with other couples."

The first provision, called "Non-Spousal Rollover," allows for transfer upon an individual's death of their retirement plan benefits, like a 401(k), to an Individual Retirement Account (IRA) for a nonspouse beneficiary, like a domestic partner, sibling, or any other designated person. In the past, gay partners were forced to withdraw the amount as a lump sum and faced immediate tax penalties, which diminished savings intended for retirement.    

The second provision, known as "Hardship Distribution," allows individuals who list their same-sex partner or other nonspouse beneficiary under a 401(k) plan the ability to tap into their retirement funds in the case of certain medical or financial emergencies of the beneficiary. In the past, federal law permitted such withdrawals only for employees' legally recognized spouses or dependents. (The Advocate)

Reader Comments

These comments are reproduced as written by visitors to this Web site. They have not been edited for content, grammar, or spelling. The viewpoints appearing here are those of the writer, and do not necessarily reflect the opinion or views of advocate.com, The Advocate, or its affiliates.

Be the first to comment on this story.

Back to top

Submit a comment for this story:

*Type your comment here (Required, 1000 characters max. HTML formatting and hyperlinks are NOT permitted.):

*Name (Required): 

*Hometown (Required): 

*E-mail address: (Required, but will not be displayed)

Is this comment for publication? 
Yes   No

Daytime phone number: (Required for print publication only and will not be displayed)

Please enter the words you see in the box, in order and separated by a space. Doing so helps prevent automated programs from abusing this service.

  

If you would like to submit a comment for posting, please fill out the form above. 

All comments submitted via this form are subject to posting or publication. (To send a private letter to an Advocate editor or writer, please use the e-mail button at the top of the page, or use snail mail.) If you would like your comment considered for publication in The Advocate magazine, please include your full name, your city of residence, and a phone number where you can be reached during business hours so that we can confirm your identity. Your e-mail address and telephone number are strictly confidential and will not be shared or used for any purpose other than to contact you about your comment.

See the Contact page for sending comments for reasons other than responding to Advocate editorial and news stories.

Please note that comments sent by fax or snail mail are unlikely to be posted, although they will be considered for publication along with all letters received via e-mail or via this Web page. Comments that chiefly concern Advocate.com content will be considered for posting only on the Web site. The Advocate reserves the right to edit submitted comments for grammar, spelling, obscenities, or libel; we will, however, do our best to preserve the original comment's style and intent. Comments considered for publication in The Advocate magazine may also be edited for length.

More Exclusives
  • View From the Hill: The End of DADT?
    Defense Secretary Robert Gates revealed that lawyers are exploring ways to ease enforcement of the military's gay ban, but cautioned that the law doesn't leave much wiggle room. He need look no further than DOD history for a lesson in altering the policy.
  • Hot Sheet: Week of July 5
    When you get back from that big 4th of July barbecue, unwind with Sacha Baron Cohen's Bruno and your favorite B-movie-mocking, basic cable robots.
  • Hungry Like the Wolf
    A master of viola, ukulele, piano, and harp, Patrick Wolf is a music prodigy -- one who, the night before this interview, spit on a cop and got himself arrested.
  • Soapside: Advocate's Guide to Daytime
    Forbes March talks about playing gay, Otalia fans outraged, update on One Life to Live’s Patricia Maurceri’s firing over gay plot point, Phillip Chancellor III big reveal, and Erica Kane goes to Africa.
  • The Faces of Federal Prop. 8
    With the federal challenge to Prop. 8 moving full speed ahead, Advocate.com sits down with the two couples named as plaintiffs in the suit.
  • Mommy, the Gays Are Coming
    After a year of advancements and celebration for gay and lesbian Colombians, the community takes to the streets of Bogota for the country's biggest pride ever.
  • The Pride of Antwerp
    Advocate.com hits the gay-friendly streets of Antwerp with openly gay police commissioner Serge Muyters.
  • Excerpt: Mean Little Deaf Queer
    In an excerpt from her humorous and harrowing new memoir, Mean Little Deaf Queer, Terry Galloway recalls her early childhood, describing feelings of ugliness, confusion about gender, and being one of the boys.
  • Top Political Blogs
    From Joe.My.God to The Daily Beast, Advocate.com spotlights a few of the best blogs that cover politics, inside and way outside the Beltway.
  • The Diva of French Television
    A hot young screenwriter who has made gay OK for millions of French viewers, Nicolas Mercier sips champagne, dons a feathered hat, and says he wants to see Colin Farrell and Jude Law go at it.