.svg?rev=a492cc1069df46bdab38f8cb66573f1c&hash=2617C9FE8A7B0BD1C43269B5D5ED9AE2)
Updates
Employee Benefits partner Summer Conley wrote an article for PLANSPONSOR magazine titled, “An Eye on Plan Forfeitures: Not taking action can hurt you.” Summer discusses employer contribution forfeitures and using forfeiture assets. Summer notes that plan sponsors routinely fail to do anything with forfeiture assets, which presents a problem under Internal Revenue Code (IRC).
Summer states that in order to address forfeitures properly, defined contribution plan documents should explain how forfeitures will be applied. She also notes that failure to use the forfeitures in a timely manner can be remedied via the Employee Plans Compliance Resolution System (EPCRS).
Read “An Eye on Plan Forfeitures.” (Subscription required)
The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.
