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Treasury Curtails Lump Sum Pension Payouts

Outlet: 
Forbes
Date Published: 
Tuesday, July 14, 2015

In a sudden move, the Treasury Department said it will stop allowing employers to offer certain workers the option to take out their pensions in a lump sum. Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension Plans, applies as of July 9, 2015.

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