IRS Eases Involuntary Cash-Outs Rules

Topics:
Counseling,
Retirement
Tags:
Finance,
Financial Planning,
Government,
HR Web Centre,
Internal Revenue Service,
Regulations,
Taxes
Source:
HR Web Centre

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Overview: The article says that IRS has made it easier for retirement plans to force cash-outs of small account balances. Holding on to small retirement plan accounts for terminated employees are a major headache for plan administrators. Internal Revenue Code (IRC) Sec. 411, however, allows plans to distribute an account whose balance is $5,000 or less without the former employee’s consent. New final regulations on this provision and a recent Revenue Ruling eliminate some roadblocks to many involuntary cash-outs. Read the article to know more about retirement benefits.

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Format: HTML | Size: 40KB | Date: Aug 2000 | Pages: 1

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