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Do We Have to Provide New Paperwork When a Participant Requests a Second Distribution?

DWC 06/16/20
Facts When a participant requests a distribution from our plan, I provide them with a with a package that includes an election form and a bunch of other information. A participant who terminated and took a distribution last year received an additional company contribution and, as a result, has additional money in her account and is asking for a ...
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How Does a Participant's Divorce Affect our 401(k) Plan?

DWC 07/23/19
Facts One of the participants in our 401(k) plan is going through a divorce, and we just received a court order directing us to provide a portion of his account to his ex-spouse. I thought that retirement plan accounts had special protection against legal judgments.
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Spouse or Not a Spouse? That is the Question...of the Week

DWC 06/4/19
Facts Our company has sponsored a 401(k) plan for a while and although it’s not new to us that certain situations - from beneficiary designations to annual nondiscrimination testing - might require us to provide information about spousal relationships, we are seeing that different types of relationships, and statuses, are becoming more commonplace.
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Who Must Receive Retirement Plan Blackout Notices?

DWC 10/3/17
Facts We have selected a new recordkeeper for our 401(k) plan. We are told that there will be a period of eight business days when our participants are not able to log in and manage their accounts. We know that we have to provide notice at least 30 days ahead of time to everyone who is affected.
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Can We Split QDRO Fees Between Participant and Ex-Spouse?

DWC 08/8/17
Facts We have a participant who is going through a divorce and told us that he will be submitting a Qualified Domestic Relations Order to assign a portion of his 401(k) account to his ex-spouse. It is our normal practice (which has been communicated to our participants) to charge the participant’s account for the fees associated with reviewing and ...
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The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organization. All content is provided for informational purposes only and is not intended to be tax or legal advice.