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IRS Revises Model Safe Harbor Section 402(f) Explanations for Rollover Distributions


December 2014

In recent guidance, the IRS issued revised safe harbor Internal Revenue Code section 402(f) notices that plan administrators may use to provide information to recipients of eligible rollover distributions from certain tax-qualified plans. The new notices reflect recent Treasury rulemaking including the allocation of pre-tax and after-tax amounts of rollovers as well as in-plan Roth 401(k) conversions. A plan that uses the model explanations set forth in the guidance will be deemed to have satisfied its 402(f) notice requirement. Plans that must comply with the 402(f) notice requirements include 401(k) plans, defined benefit plans, profit sharing plans, 403(b) plans, governmental 457(b) plans and other similar tax-qualified plans.

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