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by Seth N Blanchard Age 70-1/2 represents an important milestone for your retirement savings. Once you reach this age, you will need to begin withdrawing money from your retirement accounts. The Internal Revenue Service (IRS) requires you to take these mandatory annual withdrawals, which are formally known as Required Minimum Distributions (RMDs).

RMDs apply to assets held in individual retirement accounts (IRAs), SEP IRAs, SIMPLE IRAs and workplace retirement plans like 401(k), 403(b) and 457(b) plans. The RMD rules do not apply to Roth IRA owners, but may apply to owners who inherited someone else’s retirement savings.

The rules governing RMDs are complex, and the steps required to take distributions may appear overwhelming. Here are some answers to common questions that may clear up the process:

Q: When am I required to take annual minimum distributions from these accounts?

Vermont Business Magazine Vermont Senators Patrick Leahy Bernie Sanders and Congressman Peter Welch issued the following statements Thursday after it was reported that Attorney General Jeff Sessions misled the Senate Judiciary Committee about previous contacts withRussia’s ambassador to the United States. Sanders and Welch called for his immediate resignation while Leahy wants a special counsel appointed to investigate.

Senator Patrick Leahy: “My message to the Attorney General is this: No more excuses, recuse yourself and appoint a Special Counsel immediately, and come clean about any contacts you had with the Russians.

Vermont Business Magazine VSECU CEO Rob Miller was recently appointed to the First District’s Community Depository Institutions Advisory Council (CDIAC). The council, which includes members from all New England states, meets twice annually to advise the Bank on the economy, lending conditions, and other issues. Miller plans to amass data and policy advice from other Vermont financial institutions to share with the council.

Vermont Business Magazine Attorney General Thomas JDonovan, Jryesterday joined 39 other state attorneys general in a lawsuit against six generic drug makers. The six companies allegedly entered into illegal conspiracies to reduce competition for generic drugs and raise the prices of those drugs. The states contend that the defendant drug companies coordinated with their competitors at events like industry trade shows, as well as by email, phone and text messages, and that they violated state and federal antitrust laws and state consumer protection laws.

“Generic drugs are an important means of making health care more affordable,” said Attorney General Donovan. “This lawsuit is an important step in addressing the harm caused by generic drug manufacturers who seek to maximize their profits at the expense of consumers. Consumers have the right to expect that their health care costs are unaffected by illegal conduct.”

Vermont Business MagazineTucked away on the backside of campus near the Observatory Lot is Castleton University’s own nearly 700 pound hidden treasure. One of only three models open to the public in the entire world, the Castleton Observatory has been home to a rare Unitron telescope since April 1960. Originally built for studying the geological surface details of the moon, the vintage Unitron Model 620 refracting telescope is used on campus for studying space and star gazing, and features a weight driven clock drive. Due to necessary upkeep the telescope was dismantled and taken out of use from 1967 to 2009 before being refurbished and rebuilt.

“Being able to open the Castleton Observatory to the public is one of the mostrewarding things in amateur astronomy I have been involved with,” said Green Mountain Alliance of Amateur Astronomers (GMAAA) member Cale Shipman.

Vermont Business Magazine Finalized results filed on Tuesday confirm that New England’s annual capacity auction concluded at a lower price than the previous three auctions and with sufficient resources to meet electricity demand in 2020–2021. ISO New England Inc filed the finalized results with the Federal Energy Regulatory Commission (FERC).

Vermont Business Magazine Flex-A-Seal, anEssex Junction,Vermont-based manufacturer of custom engineered mechanical seals and welded metal bellows, recently acquired H&S Sealing, which has been doing business in Louisiana for over 35 years. As part of the expansion effort, H&S Sealing will become Flex-A-Seal Service Solutions.With the addition ofService Solutions, the company expands its capabilities and its ability to service a wide range of customers in the southern United States and throughout the country. Flex-A-Seal Service Solutions will retain the original Louisiana-based employees and leadership of the H&S Sealing team. Financial terms were not released.

“Flex-A-Seal is extremely pleased to welcome the Louisiana team,” said Flex-A-Seal Vice President Alex Slauson. “Their knowledge and expertise are a perfect fit with what we strive to bring to our customers: service and solutions.”

Vermont Business Magazine Jean O’Sullivan, of Burlington, has been confirmed by Headquarters, Employer Support of the Guard and Reserve (DoD), as the new State Chair for Vermont Employer Support of the Guard and Reserve. In that role, Jean will provide leadership and vision for the Vermont “committee”, comprised primarily of volunteers and a small full-time support staff.

Jean O’Sullivan, ESGR

Vermont Business Magazine For a third year, Efficiency Vermont and Burlington Electric Department are launching a grant program for non-profit organizations to help low-income Vermonters reduce their energy bills. The grant program was first launched in January 2014 and has proven successful over the past two years – delivering measurable energy savings and receiving positive feedback from program participants.

In 2016, more than 170 megawatt hours of energy were saved under the grant program – or enough energy to power 22 Vermont homes for one year. In addition, the participating organizations conducted 750 home energy visits, which involved replacing inefficient light bulbs with more efficient compact fluorescent and LED light bulbs, installing energy-saving, low-flow water devices and advanced power strips, and identifying other opportunities to reduce energy use, such as replacing inefficient refrigerators and implementing weatherization projects.

Vermont Business Magazine The Association of Vermont Conservation Commissions (AVCC) is seeking applications for its 2017 Tiny Grant program. The grants provide seed money and/or matching funds for specific conservation projects at the local level and AVCC members are eligible to apply. Individual grants are available in the range of $250-$600.

Vermont Business MagazineAfter a strong wind storm hit the Northeast, with gusts up to 55 mph in Vermont, Green Mountain Power announced Thursday morning that its crews are out making repairs. Forecasters say the strong winds will continue through the afternoon, potentially causing more outages. As of 10:30 am, about 5,700 homes are without power across the state, with most of the outages in Southern Vermont. So far, 5,800 customers have had their power restored.

“Our crews were ready and deployed around the state and they responded as the winds started. They will work as quickly and safely as possible to make repairs,” said Kristin Carlson, GMP’s Vice President of External Affairs. “All of our neighboring states were hit hard and are experiencing extensive outages from this storm. Our advanced preparation is helping us restore power quickly in Vermont.”

CLICK HERE TO SEE OUTAGE MAP

Vermont Business Magazine StoliVodka, "original premium vodka with uncompromising quality since 1938,"and "leading Premium Alternative Mountain lifestyle" brand Burton, which is the snowboard company based in Burlington, today announced in a zestfully written press release,a partnership that brings together two bold brands that are best served cold.Stoli is the Official Vodka of the 2017 Burton USSnowboarding Championships inVail, CO,which runs through March 4.