12/17/98: The IRS has issued amended proposed regulations on the ability of a plan to accept an invalid rollover without disqualifying the plan. Excerpt:This amendment to the proposed regulations clarifies that it is not necessary for the distributing plan to have a favorable IRS determination letter in order for the receiving plan administrator to reach a reasonable conclusion that a contribution is a valid rollover contribution. This amendment applies to any qualified retirement plan receiving or distributing eligible rollover distributions.
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