Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Regional Vice President of Sales

The Retirement Plan Company
(Remote / AL / FL / GA / MS)

The Retirement Plan Company logo

Retirement Plan Administrator

Bates & Company, Inc.
(Remote / Winter Park FL)

Bates & Company, Inc. logo

Business Development Director

AimPoint Pension
(Remote / Pompano Beach FL / AL / GA)

AimPoint Pension logo

Loan & Distribution Specialist

AimPoint Pension
(Remote)

AimPoint Pension logo

Defined Benefit Combo Cash Balance Compliance Consultant

Loren D. Stark Company (LDSCO)
(Remote)

Loren D.  Stark Company (LDSCO) logo

Director of 3(16) Operations

Compass
(Remote / NH / Hybrid)

Compass logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile app icon
LinkedIn icon     Twitter icon     Facebook icon

Text of IRS Notice 2020-80: Request for Comments Regarding Protection of Annuity and Spousal Rights Under Section 205 of ERISA with Respect to a Terminating § 403(b) Plan Funded Through the Use of Custodial Accounts (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Nov. 5, 2020

"For a Section 403(b) plan that does not have a participant to whom the annuity and spousal rights provisions of section 205 of ERISA apply, Rev. Rul. 2020-23 provides guidance allowing the distribution of an ICA in kind as part of the termination of the plan. However, issues remain regarding the application of section 205 of ERISA in connection with a distribution of an ICA in kind under section 110 of the SECURE Act for a Section 403(b) plan with at least one participant to whom section 205 of ERISA applies, including if a participant cannot be reached, a participant does not elect to waive the QJSA and QPSA form of benefit, or a married participant elects to waive the QJSA and QPSA form of benefit but the participant's spouse does not consent to the waiver.

"The Department of the Treasury and the IRS request comments on the application of ERISA section 205 annuity and spousal rights provisions in connection with a distribution in kind of an ICA under section 110 of the SECURE Act, including any administrative or other burdens that may arise and potential methods or rules that could minimize or eliminate those burdens."

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title).
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above).
© 2024 BenefitsLink.com, Inc.