Sec. 324. Treasury guidance on rollovers
208 words·~1 min read·
/bill/117/hr/2617/unknown/section-324·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than January 1, 2025, the Secretary of the Treasury or the Secretary’s delegate shall, to simplify, standardize, facilitate, and expedite the completion of rollovers to eligible retirement plans (as defined in section 402(c)(8)(B) of the Internal Revenue Code of 1986) and trustee-to-trustee transfers from individual retirement plans (as defined in section 7701(a)(37) of such Code), develop and issue— guidance in the form of sample forms (including relevant procedures and protocols) for rollovers of eligible rollover distributions from a retirement to an eligible retirement plan which— are written in a manner calculated to be understood by the average person, and can be used by both distributing eligible retirement plans and receiving retirement plans, and guidance in the form of sample forms (including relevant procedures and protocols) for trustee-to-trustee transfers of amounts from an individual retirement plan to another individual retirement plan which— are written in a manner calculated to be understood by the average person, and can be used by both transferring individual retirement plans and individual retirement plans receiving the transfer.
In developing the sample forms under subsection (a), the Secretary (or Secretary’s delegate) shall obtain relevant information from participants and plan sponsor representatives and consider potential coordination with sections 319 and 336 of this Act.