Bush Signed WRERA – Gay Rights Bill

Two days before Christmas, President Bush signed the Worker, Retiree and Employer Recovery Act of 2008 (WRERA). WRERA is a new law makes it mandatory for businesses to roll over retirement benefits to a same-sex partner in the event of the employee’s death.

Prior to the law, employers could decline the benefit and surviving same-sex partners would have to pay an inheritance tax on the deceased partner’s retirement savings. As you know, legally married heterosexual couples automatically avoid that tax penalty.

In light of the new law, HRC’s President, Joe Solmonese stated;

“This legislation secures much-needed protection for lesbian and gay couples. 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.”