Reminder On Benefit Notice, Statement Requirements
The Pension Protection Act provides that a participant must consent to a distribution prior to the later of normal retirement age under the plan or age 62. Benefit notices must apprise a participant of the right to defer distribution in accordance with the law and the terms of the plan. The PPA requires that notices in plan years beginning after 2006 must also inform a participant of the consequences of failing to defer payment.
In Notice 2007-7, the Internal Revenue Service has...
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