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IRS Clarifies Timing for Reallocation of Forfeitures
Willis Towers Watson [Guidance Overview] May 1, 2023 "Under the proposed rules, DC plans may use forfeitures to: [1] Pay plan administrative expenses. [2] Reduce employer contributions under the plan (including restoration of benefit overpayments and restoration of conditionally forfeited accounts that might otherwise require additional employer contributions). [2] Increase benefits in other participants' accounts in accordance with plan terms." |
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