Rollover confusion
Employee Benefit News, June, 2008 by Ed Slott
It's now back up in the air whether employers must allow nonspouse rollovers from company retirement plans in 2008.
On Dec. 29, 2007, President Bush signed The Tax Technical Corrections Act of 2007 into law. But, mysteriously, it doesn't include the provision making the nonspouse rollover mandatory for 2008.
In January 2008, the IRS released Publication 590 on IRAs, noting that the provision is effective, with no mention of whether it's mandatory or optional. It's enough to give an HR pro a headache.
So what's the rule on nonspouse rollovers from company plans under the Pension Protection Act of 2006? Do company plans have to allow this or not? It now appears that the nonspouse rollover provision will not be mandatory for 2008 until the IRS or Congress...
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