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Plan Sponsors Should Ensure that Small Benefits are Cashed Out Before the March 28th Deadline
Ice MillerLink to more items from this source
Jan. 14, 2005
Excerpt: Many plans provide that if the vested benefit of a terminated participant does not exceed $5,000 ... [it] will be paid in a lump sum payment as soon as administratively feasible after the participant terminates employment.... [V]endors rarely cash out these small benefits without the direction of the plan administrator.... [Such] benefits for terminated vested employees need to be distributed before the March 28th deadline to avoid being subject to the new mandatory rollover rule.

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