As we approach the end of 2022, now might be a good time for Fortune 500 employees to take a closer look at a few developments surrounding required minimum distributions (RMDs) for corporate employees in the United States.
What Are RMDs?
We'd first like to ensure that our Fortune 500 clients understand the basics— What are RMDs? Once you reach age 72, you are required to take minimum distributions from your traditional IRAs and most employer-sponsored retirement plans. (RMDs are not required from an employer plan if you are still working at the company sponsoring the plan and you do not own more than 5% of the company.) You can always take more than the required amount if you choose.