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RMD 2020 Waiver and sample amendment


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If the plan is ERISA-governed,

 

here’s the statute:

 

. . . .  If there is a modification or change . . ., a summary description of such modification or change shall be furnished not later than 210 days after the end of the plan year in which the change is adopted to each participant, and to each beneficiary who is receiving benefits under the plan.

 

ERISA § 104(b)(1), 29 U.S.C. § 1024(b)(1) https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title29-section1024&num=0&edition=prelim

 

And here’s the rule:

 

The administrator of an employee benefit plan subject to the provisions of part 1 of title I of the Act shall, in accordance with § 2520.104b-1(b), furnish a summary description of any material modification to the plan and any change in the information required by section 102(b) of the Act and § 2520.102-3 of these regulations to be included in the summary plan description to each participant covered under the plan and each beneficiary receiving benefits under the plan.  [T]he plan administrator shall furnish this summary, written in a manner calculated to be understood by the average plan participant, not later than 210 days after the close of the plan year in which the modification or change was adopted.

 

29 C.F.R. § 2520.104b-3(a) https://www.ecfr.gov/cgi-bin/text-idx?SID=96555d37ef6921ab11a7509085f13758&mc=true&node=se29.9.2520_1104b_63&rgn=div8

 

But a fiduciary’s responsibility under ERISA § 404(a) might require communication, at least to those who might have some choice under the changed provision, much sooner than the time otherwise allowed for a summary plan description or summary of material modifications.

Peter Gulia PC

Fiduciary Guidance Counsel

Philadelphia, Pennsylvania

215-732-1552

Peter@FiduciaryGuidanceCounsel.com

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