Michigan SB0584 makes withholding of income tax by pension administrators optional.

Michigan SB0584 amends the Michigan Compiled Laws to modify the withholding requirements for pension and annuity payments. Specifically, it makes the withholding of income tax by pension administrators optional, altering the mandatory withholding provisions previously in place. This change affects pension administrators who disburse payments from employer pensions, annuities, profit-sharing, stock bonus, or other deferred compensation plans, as well as from individual retirement arrangements, annuities, endowments, or life insurance contracts.

Michigan SB0584 makes withholding of income tax by pension administrators optional.

Michigan SB0584 amends the Michigan Compiled Laws to modify the withholding requirements for pension and annuity payments. Specifically, it makes the withholding of income tax by pension administrators optional, altering the mandatory withholding provisions previously in place. This change affects pension administrators who disburse payments from employer pensions, annuities, profit-sharing, stock bonus, or other deferred compensation plans, as well as from individual retirement arrangements, annuities, endowments, or life insurance contracts.