IRS Extends Relief Allowing Remote Witnessing Procedures for Certain Retirement Plan Elections
As the COVID-19 pandemic drags on, administrators of defined benefit pension plans continue to field questions about the notary requirement related to certain participant and spousal elections. For qualified retirement plans subject to the qualified joint and survivor annuity rules (such as defined benefit pension plans), an alternative form of payment may be selected by a participant if the participant’s spouse consents in writing and the spouse’s signature is witnessed in the physical presence of a plan representative or a notary public.
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