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August 6, 2020

IRS updates model notices that retirement plans use to explain tax consequences of making rollover-eligible plan distributions

In Notice 2020-62, the IRS modifies two model notices (from Notice 2018-74) that qualified retirement plan administrators may provide to recipients of eligible rollover distributions to satisfy IRC Section 402(f) notice requirements by explaining the tax consequences of making distributions that are eligible for rollover. The new model notices take recent legislative changes into account.