Over at our sister site Minnesota Independent, Andy Birkey reports that outgoing President George W. Bush signed into law the Worker, Retiree and Employer Recovery Act of 2008 (WRERA). The new law will mandate that a business roll over retirement benefits to same-sex partners in the event of the death of the retiree.
From Birkey’s report:
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.
Birkey also quoted LGBT rights organizations hailing the law:
National LGBT rights groups hailed the move. “This legislation secures much-needed protection for lesbian and gay couples,” said Human Rights Campaign President Joe Solomonese. “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.”
Bush signed the law two days before Christmas.