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Information on The Worker, Retiree and Employer Recovery Act (WRERA)
Deadline for rollover decision is Monday, June 22, 2009
In late 2008, the Federal Government enacted the Worker, Retiree and Employer Recovery Act of 2008. This act allows certain active and former airline employees to contribute certain bankruptcy related payments to a Roth IRA. Delta Air Lines recently sent communication to NWA and Delta employees impacted by this legislation. The legislation allows for the rolling over of bankruptcy related payments into a Roth IRA.
Did you receive IRS form 8935?
- You are eligible for a rare opportunity to make a Rollover deposit into a Roth IRA (In addition to the regular contribution limit)
- Qualified distributions from a Roth IRA are tax-free
- Form 8935 (received from Delta/NWA) shows the maximum amount eligible for Rollover
- Rollover deposits can be less than the maximum amount listed on form 8935
- Rollover deadline - June 22, 2009
Contact Wings Today for Assistance With Your Rollover
If you received communication from Delta/NWA regarding the bankruptcy payment Roth IRA roll-over, contact Wings to help:
- Credit Union IRA Products
- Call 1 800 692-2274, option 8, ext. 8165.
- Wings Financial Advisors* Investment Services
*Wings Financial Advisors, LLC, is a wholly-owned subsidiary of Wings Financial Federal Credit Union. Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members.
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