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|EFTPS -- Inactivating Unused Accounts After 18 Months|
BenefitsLink Message Boards
Dec. 20, 2021
"We have a few small plans whose only tax deposit is for the annual withholding on participant RMDs. This is usually done through EFTPS with no problem, but now as we approach the end of the year, they are being surprised that they are unable to login to their EFTPS accounts. I was told by a representative that accounts are being inactivated due to not having made a tax deposit in the past 18 months. Considering that RMDs were suspended in 2020, these small plans haven't made a tax deposit since 2019. So they have had to go through the trouble of re-enrolling, waiting for the PIN to arrive in the mail, etc., and hope they can get the tax deposit in before the end of the year. Just ridiculous."
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