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Does Your Retirement Plan Need a PLESA?
Patterson Belknap Webb & Tyler LLP 
[Guidance Overview] Apr. 8, 2024 "The new PLESA guidance is welcome as employers and plan sponsors consider offering PLESAs under their Code Section 401(k) and 403(b) plans.... [A]additional guidance is still necessary.... Many third-party administrators and recordkeepers are not ready to operationally implement PLESAs ... as a result, plans cannot in practice adopt PLESAs.... [Q]uestions remain, such as whether plan sponsors are permitted to involuntarily cash small account balance PLESAs out upon participants' termination of service." MORE >> |
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