WASHINGTON, D.C. – Today, Congressman Jim Sensenbrenner introduced legislation to temporarily suspend for 2016 the mandatory withdrawal of retirement savings from qualifying retirement accounts.
Federal law requires Americans who are 70 ½ years or older to take the required minimum distribution (RMD) from their individual retirement accounts (IRA) each year. The stock market is off to a rocky start, making many investors nervous, and some seniors may decide it is in their interest to keep their retirement savings in the markets rather than taking the required minimum distribution. The RMD rules would be restored in 2017. 
Congressman Sensenbrenner: “Given that indices around the world are already experiencing a great deal of volatility in 2016, it seems only fair to give Wisconsin seniors the option to forgo withdrawing the required minimum distribution from their retirement accounts without incurring a tax penalty from the IRS this year. This bill is about giving people choices, plain and simple.”