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Can a Former Employee Roll a Coronavirus-Related Distribution Back into our Plan?

DWC 09/15/20
Facts Earlier this year, we decided to make the CARES Act coronavirus-related distributions (CRDs) available to participant in our 401(k) plan. We know that it is possible for participants to repay CRDs, but we didn’t anticipate any would be interested in that option. We’re glad that some do now want to repay, but we want to be sure we handle ...
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How Do We Report a Plan Merger on Form 5500?

DWC 11/7/17
Facts Our company sponsors two separate 401(k) plans, each of which covers a different group of our employees. Due to some internal changes, we now want to merge those plans so that we only have a single plan, covering all of our employees.
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What's the Difference Between 401(k) Transfers and Rollovers?

DWC 10/31/17
Facts Our company sponsors two separate 401(k) plans. One covers salaried employees, and the other one covers hourly-paid employees. From time to time, employees change from hourly to salaried and vice versa. When they change job classifications, they also change plans so that they are always in the plan that aligns with their job class.
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Do We Need an IRS Favorable Determination Letter for Former Employees to Roll Over Their Balances?

DWC 08/15/17
Facts We recently processed a rollover from our 401(k) plan for a former employee who wants to roll her balance into her new employer’s plan. Shortly after the payment was processed, the former employee emailed us requesting either a copy of our plan’s IRS favorable determination letter or a signed acknowledgment that we have such a letter.
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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.