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State retiremnt-fund rules changes to match federal law


UNDATED (WSAU) Higher-income Wisconsinites will no longer have to pay to take advantage of federal retirement rules. Governor Jim Doyle signed a bill yesterday that lets those making over 100-thousand dollars a year convert their traditional I-R-A’s into Roth I-R-A’s without paying a penalty. Those making less than 100-thousand could already make free transfers – and the federal government started allowing the same for higher-income folks in January. Wisconsin was among the last states to fall into line. The new law also lets military personnel make penalty-free withdrawals from their I-R-A’s if they’re called to active duty. That’s another change the federal government made but Wisconsin did not make until now.

Doyle also signed about 30 other bills into law yesterday. One of them gives police officers immediate access to driver license photos, to make sure the people they stop are not giving them false names. Also, police can now make drivers take blood alcohol tests if they’re thought to have violated traffic laws in accidents with deaths or serious injuries. And Doyle approved a new specialized license plate to recognize Marquette University. The plates will cost 15-dollars more each year than the regular ones.