A friend of mine will be reaching the age of 70 1/2 in a few days (end of March, 2015). He is still working full time, but he is also collecting Social Security. His present employer used to have a SIMPLE IRA Plan in which he was a participant. His employer later changed its retirement plan offerings to an employer-paid SEP IRA Plan and a 403(b) "TDA" Plan. My friend was in the SIMPLE IRA Plan and now is still in the SEP IRA Plan and
403(b) "TDA" Plan.Also, he was enrolled in some type of defined contribution plan with a previous employer that he left about 10 years ago.
He has no ROTH plans.
The questions are:
1) Is he required to begin taking RMD (Required Minimum Distribution) amounts from ALL of his present employer plans (including the past SIMPLE IRA and the present SEP IRA and 403(b) "TDA" Plan?2) Is he required to begin taking RMD (Required Minimum Distribution) amounts from his previous employer's retirement plan?
3) For each of these, does he have a choice of directing the various Plans to issue the RMD's payments to him as monthly payments vs. a single annual payment to him?4) He does not want to postpone taking the initial RMD's until April 1,
2016. Instead wants to take the initial RMD's this year (during 2015). Does he have until 12/31/2015 to take the initial RMD or does he have to begin taking the RMD's before he reaches 70 1/2 at the end of March, 2015?Thanks.