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Rehberg seeks rule change on retirement money
HELENA (AP) — U.S. Rep. Denny Rehberg and several colleagues are asking President George W. Bush to change recently adopted legislation dealing with retirement accounts.
Congress last week passed a bill that says retirees older than 70½ can waive minimum withdrawal requirements for retirement accounts next year. Rehberg had wanted the bill to also apply to 2008.
The congressman, and others, want Bush to use his executive powers to move up the effective date.
Federal law requires people older than 70½ to make a minimum withdrawal, to prevent people from using tax-exempt retirement accounts as tax shelters.
Rehberg argues that retirees shouldn't be forced to withdraw money at a loss at a time when the stock market has seen historic declines.
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