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November 07, 2007 at 02:10 PM
The Internal Revenue Service is trying to add more details to the rules governing 401(k) plans and other retirement plans that use automatic contribution arrangements.
The IRS has included the additional advice in a notice of proposed rulemaking.
The notice deals with topics such as the safe harbor rules that would apply to “qualified automatic contribution arrangement” and the procedures employers should follow when workers in QACAs eventually decide to opt out of the arrangements.
Employers can choose whether to let workers get unwilling contributions out of 401(k) plans.
