Official Summary

6/8/2009--Introduced.Retirement Security Needs Lifetime Pay Act of 2009 - Amends the Internal Revenue Code to: (1) allow an exclusion from gross income for 50% of lifetime income payments from certain annuity contracts, up to $10,000; (2) exclude longevity insurance benefits from employee

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Official Summary

6/8/2009--Introduced.Retirement Security Needs Lifetime Pay Act of 2009 - Amends the Internal Revenue Code to:
(1) allow an exclusion from gross income for 50% of lifetime income payments from certain annuity contracts, up to $10,000;
(2) exclude longevity insurance benefits from employee benefit plan minimum distribution requirements; and
(3) allow a tax exclusion for amounts received as an annuity under any portion of an annuity, endowment, or life insurance contract.

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