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Posted

With the passing of these laws, clients have many new options to consider and implement.  Does anyone know of the required employee communcations regarding these?  For example if a client wanted to implement the domestic abuse distributions would this need to be communicated to all staff?

Posted

Yes. The participants need to receive information about the change, typically a summary of material modifications letting them know there was a change to the plan's provisions. 

I'm a stranger on the internet. Nothing I write is tax or legal advice. 

I'd like a witty saying here, but I don't have any. When in doubt, what does the plan document say?

Posted

The SMM timing (legal requirement) severely lags the effective date of implementation, I suggest a best practice would be some sort of consolidated communication disclosing that and whatever else the employer is implementing/enhancing under SECURE 2.0. That is, take the current opportunity to "blow the trumpet" and get some positive PR - "as allowed by recent law changes we're making our plan better for you by ..." 

Kenneth M. Prell, CEBS, ERPA

Vice President, BPAS Actuarial & Pension Services

kprell@bpas.com

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