WASHINGTON — The Senate has introduced the Worker, Retiree and Employer Recovery Act of 2008, a new bill aimed at protecting the savings of America’s seniors invested in individual retirement plans with a one-year moratorium on the required minimum distributions.

Current law requires that seniors who reach the age of 70 1/2 must begin to take a required minimum distribution from their individual retirement accounts. With the state of the financial markets, such mandatory cash-outs could result in a loss of thousands of dollars for up to 400,000 retirees in Maryland who are over age 70 1/2 , according to Sen. Benjamin L. Cardin (D-Md.), one of the sponsors of the bill (S. 3361).

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