Good morning, All!
When a plan has automatic cashout provisions, and checks are being issued for under $200, it is my understanding that there is no withholding, and participants do not have to fill out forms. The plan's trust issues the checks and mails them to the last known address. My question is this: Does the participant have to receive anything besides a check? A notice, letter of explanation, etc.? As a courtesy we will draw up something or another, I am sure, but I wanted to know if there is a particular requirement or format or something we are supposed to follow.
Thanks in advance for your ideas.