• Extends the PPA provision allowing for tax-free charitable donations to be made from an IRA to a charitable organization until December 31, 2009 Article

• Settlement income received in connection with the Exxon Valdez litigation may be contributed to an eligible retirement plan

Midwestern Disaster Tax Relief

• 10% early penalty waived for distributions made by those who have sustained economic loss that live in a presidentally-declared major disaster area
• Distributions for home purposes may be re-contributed to the plan tax-free
• Maximum loan amount increased to $100,000 or 100% of vested balance
• Existing loans due prior to January 1, 2010 may be extended an additional 12 months
  

See IRS Publication 4492-B for Details

• These changes are effective until July 31, 2008
  

• FDIC insurance is temporarily increased from $100,000 to $250,000 until December 31, 2009, Extended to 2013
• NOTE: IRA and Retirement Accounts raised to $250,000 in 2006 and will remain $250,000 after 2013

• EESA plan amendment
  
  Although a plan does not need to amend for EESA until 2010, the McKay Hochman Co., Inc. 2009 Pension Protection Act (PPA) amendment also includes the EESA amendment