Responding to requests from the membership, AMAC supports this legislation that will allow seniors to rollover their RMD past the 60-day limit under current law for distributions made in 2020.
June 11, 2020
The Honorable Brian Mast
Florida 18th Congressional District
2182 Rayburn House Office Building
Washington, DC 20515-0918
Dear Congressman Mast,
On behalf of over 2.1 million members of the Association of Mature American Citizens (AMAC), I write in support of your bipartisan legislation, the Fairness for Early Withdrawers Act (H.R. 7016). AMAC strongly favors allowing seniors that have already taken their required minimum distribution (RMD) for 2020 rollover their disbursement into another qualified retirement account.
AMAC supported passage of the CARES Act which suspended required minimum distributions for 2020. Upon passage of the bill, we received inquiries from members that had already withdrawn their RMD for the year and were past the currently allowed 60-day rollover period. In the past, when Congress has taken such action, they have also acted to extend the rollover window.
AMAC thanks you for introducing the Fairness for Early Withdrawers Act to ensure seniors would be able to rollover their RMD past the 60-day limit under current law for distributions made in 2020. Additionally, we commend your suspension of the once-per-year limitations for certain 2020 rollovers. This bill will significantly help seniors who were affected by the RMD requirements that were in place at the beginning of the year.
AMAC fully supports your legislation and appreciates your work to protect American seniors during this time of uncertainty. In a time where many Americans are impacted by the COVID-19 recession, it is imperative that seniors are able to take full advantage of the suspension of RMDs to maintain value in their retirement funds.