12/31/2008
Bush Throws Holiday Bone to Gays
Just before Christmas, George W. Bush signed a bill called the The Worker, Retiree and Employer Recovery Act of 2008 (WRERA) which, among other things, "makes it mandatory for businesses to roll over retirement benefits to a same-sex partner in the event of the employee’s death."
According to the Minnesota Independent, "Previously, employers could decline and surviving same-sex partners would have to pay tax on the inheritance of the deceased partner’s retirement savings. Legally married heterosexual couples automatically avoid that tax penalty."
HRC's Joe Solmonese applauded the act's passage: "This legislation secures much-needed protection for lesbian and gay couples. Our community faces unique challenges in preparing for retirement because we are denied Social Security spousal and survivor benefits. Protecting our hard-earned retirement savings is even more crucial to us, and until now, the tax code made it that much harder.”
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Bush Doesn't Let the Shoe Hit Him on the Way Out [tr]
Posted 10:47 AM EST by Andy in Gay Rights, George W. Bush, News | Permalink
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Of course, Bush thought he was protecting Denny Crane...
But hey, we'll take it.
Posted by: Rad | Dec 31, 2008 11:13:10 AM
My question is, does this apply to Federal pensions and TSP (401k) plans for gay Feds, or only private businesses? And if so, is there a risk of DOMA voiding it?
Posted by: Jamie | Dec 31, 2008 11:13:55 AM
I wonder if Laura will out her gay husband in her tell all after the divorce.
Posted by: ggreen | Dec 31, 2008 11:39:21 AM
Thanks for the bone bitch, now someone kick his ass to the curb please!!!!!!!!!!!!
Posted by: Mike | Dec 31, 2008 12:32:17 PM
Mike,
20 days, babe, 20 days and we'll never have to see him again.
Posted by: Wheezy | Jan 1, 2009 10:15:41 AM
Shoe thrown at Bush.
Bush realizes he IS a boob.
Bush signs pro-gay bill (probably just a rider on it)
Anyone got anymore shoes they'd like to toss?
Posted by: Aiden Raccoon | Jan 1, 2009 5:07:26 PM
read the bill and I think you'll discover that the bone being thrown isn't a very big or a very tasty one ... it will NOT allow survivor benefits such as health insurance or pension (if you're not eligible to receive thee under current regulations this will not provide it)... it simply makes the actual receipt of legally bequested funds such as employee life insurance and remaining TSP (401K) funds exempt from taxation for a non-martial spouse or partner ... and there are enough loopholes in the bill that you could drive a semi truck through them (and there will be many employers who will successfully attempt to do so) ...
Posted by: Chris M | Jan 1, 2009 9:11:47 PM