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I.R.S. Extends Automatic Enrollment Option To All Employees Who Fail To Make A 401k Election |
August 13, 2004
In Revenue Ruling 98-30, the I.R.S. ruled that contributions made to a 401k plan without an affirmative election by a new plan participant were, nonetheless, considered to be elective deferrals where the plan gave the employee notice of his right to make an election and allowed the employee to revoke the default election at any time.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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