Pixie Posted July 24 Posted July 24 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?
justanotheradmin Posted July 25 Posted July 25 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?
CuseFan Posted July 25 Posted July 25 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 ..." R Griffith 1 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
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