According to RIA Tax Watch, both the House and Senate unanimously passed the “Worker, Retiree and Employer Recovery Act” (the “Pension Act”). For calendar year 2009, the Pension Act seeks to suspend the need to take required minimum distributions from qualified defined contribution plans and IRAs. The Pension Act will also require qualified plans to offer nonspouse beneficiaries the option to transfer a decedent’s plan interest to an IRA set up to receive the transfer on behalf of the beneficiary. The change for nonspouse beneficiaries will apply for plan years beginning after 2009. The President is expected to sign the Pension Act into law.