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Proposed Regs on Plan Forfeiture Accounts: Helpful Guidance and a Great Reminder to Plan Sponsors
Verrill Dana LLP [Guidance Overview] Mar. 8, 2023 "For defined contribution plans, the regulations provide welcome clarity on what forfeitures can be used for and the date by which forfeitures must be used.... [T]hey provide a helpful transition rule and ... serve as a reminder that forfeiture accounts must be used promptly to avoid an operational failure that will place the plan's tax-qualified status at risk." |
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