Retirement Plan Update: New DOL Disclosures and Updated IRS Notices

By Kathy Odle, Kirsten Stewart, and George Tsai

The Employee Benefits Group provides updates and guidance for clients with retirement plans. First, the Department of Labor recently issued interim final regulations requiring new information to be included on ERISA-covered defined contribution plan participant account statements under the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”). The guidance only applies to defined contribution plans – such as 401(k) and 403(b) plans – and not defined benefit plans. The IRS also recently updated safe-harbor explanations that can be used to satisfy the tax notice requirements in Code Section 402(f). These requirements generally require plan administrators to provide a written explanation of tax consequences when making eligible rollover distributions from a qualified retirement plan.

Read the full advisory HERE.