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Retirement Plan › Unclaimed Property › Reporting Requirements

Keating Muething & Klekamp PLL

Benefits Monthly Minute - February 2025

Keating Muething & Klekamp PLL on

The February Monthly Minute highlights a new online ACA reporting alternative, the DOL’s temporary policy regarding escheatment of small retirement benefits owed to missing participants, and new guidance clarifying the gag...more

Jackson Lewis P.C.

Missing Participants – New State Unclaimed Property Fund Option for Small Balances

Jackson Lewis P.C. on

On January 14, 2025, the DOL issued Field Assistance Bulletin (FAB) 2025-01, providing sponsors and administrators of ongoing defined contribution plans with a new option for missing participant balances of $1,000 or less:...more

Miles & Stockbridge P.C.

Withholding and Reporting of Payments to an Unclaimed Property Fund

Miles & Stockbridge P.C. on

Sometimes, a retirement plan is required to distribute a missing participant’s account balance into a state’s unclaimed property fund. Until recently, it was unclear whether this distribution is subject to withholding of...more

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