Financial Services Industry
Industry: Email Alert RSS FeedRULES CHANGE: IRS simplifies mergers of DC plans, allows transfers.(defined contribution plan mergers)(Brief Article)
Pensions & Investments, September, 2000 by Jacobius, Arleen
WASHINGTON -- The IRS issued new regulations that simplify defined contribution plan mergers, allow transfers of money between plans and enable service providers to create entirely paperless, Internet-based plans. The rules were effective Sept. 6. One change is defined contribution plan sponsors can eliminate some forms of distributions of participant's accounts such as annuities and installments, and can more easily transfer assets from one defined contribution plan to another.
Attorneys and industry insiders predict that most defined contribution plan sponsors will eliminate all but lump-sum distributions in the 2001 plan year. "This is definitely a significant step," said David Wray, president of The Profit Sharing/401(k) Council of America, Chicago....
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