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ARTICLE · 11 DECEMBER 2014

IRS Amends Safe Harbor Rollover Notices

Herrick, Feinstein LLP
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Under Section 402(f) of the Internal Revenue Code, administrators of qualified retirement plans are required to provide certain information to participants and beneficiaries who receive distributions that are eligible to be rolled over.

United StatesEmployment and HR
Fred R. Green
Fred R. Green
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Under Section 402(f) of the Internal Revenue Code, administrators of qualified retirement plans are required to provide certain information to participants and beneficiaries who receive distributions that are eligible to be rolled over. In IRS Notice 2014-74, the IRS updated and amended the previously issued safe harbor notices that can be used to fulfill this obligation. The IRS previously provided two safe harbor notices that could be used to satisfy the written explanation required to be delivered to recipients of eligible rollover distributions from a qualified retirement plan: one for Roth accounts and one for non-Roth accounts. The amendments to the safe harbor notices reflect the IRS's revised position regarding the allocation of after-tax amounts where a distribution is to be distributed to more than one destination and consists of both pre-tax and after-tax amounts and the allocation of earnings with respect to distributions from a designated Roth account.1

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