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Ensure employees know of retirement plan rollover rules change

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in Centerpiece,Compensation and Benefits,Human Resources

By Stephanie A. Smithey, Esq., Ogletree Deakins

Modifications to the rollover distribution rules for certain retirement plan participants with defaulted plan loans went into effect in January 2018. As a result of a provision in the Tax Cuts and Jobs Act, the rollover distribution rules are now more relaxed for rollovers of defaulted loans resulting from plan terminations or a participant’s failure to repay a loan upon severance from employment.

The changes impact several provisions in the “safe harbor” model tax notices for eligible rollover distributions that were published by the Internal Revenue Service in 2009 and updated in 2014.

When the IRS published the 2014 updated tax notices, it specified that the “safe harbor” notices would no longer satisfy the legal notice requirements “to the extent the explanations are no longer accurate because of a change in the relevant law occurring after December 8, 2014...(register to read more)

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{ 1 comment… read it below or add one }

Pam Coleman September 13, 2018 at 12:44 pm

I liked the article how to handle 9 solutions for challenging employees; the one major personality challenge that was not addressed is the 2-faced employee. Appears positive on the one hand, but is a ‘back-stabber’ on the other. Suggestions on how to handle would be most welcome!


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