The Age You Must Begin Taking Withdrawals from the Basic and Supplemental Pension Plans Increases to 73

Under the Internal Revenue Code, all qualified retirement plans, including the DGA-Producer Pension Plans, must make required minimum distributions to participants by their Required Beginning Date.

Effective January 1, 2023, the Required Beginning Date for the Pension Plans increased to the April 1st following the year a participant turns age 73 (up from age 72). This applies to participants who turn age 72 after December 31, 2022 and allows participants to wait until April 1st of the year following the year they reach age 73 before they must begin receiving required minimum distributions.

The Setting Every Community Up for Retirement Enhancement Act 2.0 (“SECURE 2.0”) increases the Required Beginning Date through 2033. Previously in January 2020, the Required Beginning Date increased from age 70½ to 72. The next change will be in 2033, when the Required Beginning Date is set to increase to age 75 for participants who turn age 74 after December 31, 2032.

The Pension Plans have been operating in accordance with the required changes under SECURE 2.0 for all required minimum distributions made on or after January 1, 2020. The Pension Plans will also make any required amendments in accordance with the applicable deadlines.