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February 11, 2023
Question

Is my GE pension is an RMD? Been receiving the same amount for over 10yrs. don't remember being asked this question before?

  • February 11, 2023
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February 11, 2023

RMD for a pension is short for required minimum distribution.  It is the mandatory annual minimum to take out of your retirement plan, once you turn 72.
 

These rules apply to all employer-sponsored retirement plans, such as pensions, profit-sharing, 401(k), 403(b), and 457(b) plans, as well as Traditional IRAs and IRA-based plans, such as SEPs, SARSEPs, and SIMPLE IRAs. However, RMDs aren't required for Roth IRAs while the owner is still alive.
 

The plan administrator who issued your Form 1099-R  is required to follow RMD rules and regulations and they will know if you have received them and how much they were.