Tax Law Defined® Blog

IRS Issues Updated Eligible Rollover Distribution Notices - Plans Should Begin Using Immediately

IRS Issues Updated Eligible Rollover Distribution Notices - Plans Should Begin Using ImmediatelyMost retirement plans (including profit sharing, 401(k), and 403(b) plans) are required to provide participants with an explanation of the rules for making an eligible rollover distribution and the tax rules for distributions that are not rolled over. Generally, this rollover notice is part of the participant’s distribution election packet.

The Internal Revenue Service (IRS) publishes model rollover notices, titled “Your Rollover Options,” and updates them from time to time. While plan administrators can rely on the IRS model notices to meet their rollover notice requirement, they are nonetheless still responsible for updating them for applicable changes in the law.

To access this article in its entirety, click here for additional information regarding:

  • Updated IRS Model Rollover Notices
  • Self-Certification of 60-Day Deadline Waiver
  • Rollover Deadline Extension for Plan Loan Offset
  • Using the Update Model Notice

For more information, please contact Jeff Hamilton or any other member of the Employee Benefits Group for Tax Law Defined®.

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Attorney Spotlight

Carl C. Lammers is a member of FBT, counseling employers on the design and administration of employee benefit plans, including defined contribution and defined benefit pension plans, ESOPs, and health and welfare benefit plans.