My MacBook Pro is on it’s way back to me from AppleCare, so I don’t have my stuff together to post a vlog. Ugh. I hate passing up good exciting content.
George Bush signed the Pension Protection Act today which guarantees that unmarried people can inherit the retirement benefits of their partners - TAX FREE*. For example, Michael is the beneficiary of my 401(k) plan. Before this new law, when I died the money would have been withdrawn from my 401(k) as a lump sum, taxed, and counted as income for him. This also could have put him in a higher tax bracket and would have caused him to pay even more in taxes.

The new law would allow Michael to transfer the contents of my 401(k) to an IRA and make withdrawals over his lifetime. *While the withdrawals are still taxable, it’s not a giant tax burden and only considered income when withdrawn, thus keeping the tax bracket stable.
In addition, the new law also provides new rules for hardship withdrawals for medical and financial emergencies. For example, if Michael were seriously ill, I could withdraw money to pay for his care. Previously this right only applied to spouses and dependents.

To be eligible, your partner MUST be listed as a beneficiary on your retirement plan, so double check to be sure.

This is an incredibly advantageous change for GLBT couples, and I am SHOCKED that Bush signed it. However, I’m sure enough rich, straight, white people benefited to make the minority impact seem not as bad.