Discover simplified disclosure rules for DC plan participants under SECURE 2.0. New options for plan sponsors explained. Effective Dec 31, 2022.
New Simplified Disclosure Rules for Plan Participants in DC Plans
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Plan Documents
Electronic Delivery of Participant Disclosure Materials
The DOL and the IRS have established guidelines when e-mail or other electronic delivery methods are used to distribute retirement plan information.
Hardship and Participant Loan Documentation
The IRS recently published guidelines for Plan Sponsors to adhere to regarding the documentation of hardship distributions and participant loans. Generally speaking, plan participants sign a distribution form certifying that they qualify for a hardship...
Automatic Rollover Rules
The Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) changed the cash-out rule to require that account balances between $1,000 and $5,000 must be rolled over to an individual retirement account (“IRA”). This only applies if the plan sponsor makes...