If you're going to see any relatives over 70 1/2 this week (for example, at a family gathering tomorrow), you can remind them there are no required minimum distributions necessary for 2009. Ordinarily, folks over 70 1/2 must begin taking money out of their qualified retirement plans, such as their IRAs or 401(k)s. Furthermore, they must continue doing so each year. However, due to the stock market free-fall of late 2008 and early 2009, Congress passed a one-year exemption from the requirement so that the elderly wouldn't have to sell their shares while prices were down.
In 2010, required minimum distributions come back, so this appears to be a once in a lifetime opportunity for those not needing the money, to keep it in their retirement accounts, tax-deferred, just a little longer.
MRD must still be made for 2009 if one has a Defined Benefit Plan. Only Defined Contribution Plans are exempt.