Layoffs may cause a partial termination of your retirement plan

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If you have reduced the size of your workforce recently, this alert is intended to remind you of the need to consider the possibility that you have caused a “partial termination” of your retirement plan.

Under the Internal Revenue Code, if a retirement plan is “partially terminated,” affected plan participants must be immediately 100% vested in their plan accounts and benefits.

Please see full alert below for more information

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© McAfee & Taft | Attorney Advertising

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