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ARTICLE · 03 DECEMBER 2020

IRS Updates Safe Harbor Eligible Rollover Distribution Notice

Hodgson Russ LLP
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The most recent safe harbor notice was made available by the IRS in 2018.

United StatesEmployment and HR
Peter K. Bradley
Peter K. Bradley
Michael J. Flanagan
Michael J. Flanagan
Richard Kaiser
Richard Kaiser
Ryan M. Murphy
Ryan M. Murphy
Amy P. Walters
Amy P. Walters

Section 402(f) of the Internal Revenue Code ("Code") requires plan administrators to provide a written explanation to any recipient of an eligible rollover distribution that describes their rollover rights. The Internal Revenue Service ("IRS") has historically made available safe harbor notices that may, but are not required to be used, by plan administrators for this purpose. The most recent safe harbor notice was made available by the IRS in 2018.

Certain changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 ("SECURE Act") were not reflected in the IRS's 2018 safe harbor notice. In particular, the 2018 safe harbor notice did not reflect the changes made to the required minimum distribution rules or that any "qualified birth or adoption distribution" would not be subject to the 10% additional tax on early distributions under Code Section 72(t).

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