Will J

A participant in a 457 f arrangement passes away and the employer needs to pay the benefit to the surviving spouse. How is that handled from a tax and reporting standpoint? Does the W2 get reported under the participant's SSN or the beneficiary? Any insight would be appreciated.

Employer received a participant request to increase 401k deferrals from 3% to 5% in 2020. The request was received but never implemented, but the participant just noticed that the change never occurred. Is the participant entitled to any corrective contributions/earnings on the missed deferrals and safe harbor matching contributions? Thank you.

Thank you for the responses. That is very helpful.

I have a plan sponsor who has an employee requesting a CARES Act withdrawal. The employee has disclosed in an email that he hasn't had a negative financial impact from Covid. He just wants the money to invest outside of the plan. The withdrawal paperwork requires trustee signoff. The question is, should the trustee sign off on the withdrawal knowing that the employee has admitted that he hasn't had a financial setback? Thoughts?