If you are a Weitz Funds IRA account holder, you recently received an IRA Amendment from us in the mail.  This replaces your original Plan Agreement and Disclosure Statement, so you can dispose of any previous versions you have on file.

Because it had been a while since we last sent an amendment, we chose to amend all of our current IRA agreements in light of some very minor laws that had been enacted in the last few years.  In 2012, the FAA Modernization and Reform Act was enacted allowing certain bankrupt airlines’ defined benefit plans to be rolled to Traditional IRAs.  Those plans were originally only allowed to roll to Roth IRA’s and incur the tax liability.  In 2008, the Heroes Earnings Assistance and Relief Tax Act provided a number of tax-related benefits to individuals in military service and their beneficiaries.  Also in 2008, the Emergency Economic Stabilization Act (1) covered charitable distributions; (2) allowed rollovers of Exxon Valdez oil spill
litigation payments; (3) expanded tax relief under the Katrina Emergency Tax Relief Act to victims of the Midwestern disaster area. 

None of these law changes required us to amend our documents—it was our option to do so at this time.

To read the full IRA Amendment, please click here.

Feel free to contact Client Services if you have additional questions.