IRS Issues Proposed Rule on Making Participant Elections and Spousal Consents Using Electronics and Announces April 11 Public Hearing; Comments Requested
Published December 29, 2022
The Internal Revenue Service (IRS) issued a proposed rule relating to the use of an electronic medium for participant elections and spousal consents.
The proposed rule:
- Provides
an alternative to in-person witnessing of spousal consents required to
be witnessed by a notary public or a plan representative;
- Clarifies
that certain special rules for the use of an electronic medium for
participant elections also apply to spousal consents; and
- Generally affects sponsors and administrators of, and individuals entitled to benefits under, certain qualified retirement plans.
Comments are due 90 days after publication in the Federal Register.
A telephonic public hearing on the proposed rule has been scheduled for April 11, 2023, at 10:00 a.m. ET. Requests
to speak and outlines of topics to be discussed at the public hearing
must be received by 90 days after publication in the Federal Register.
If no outlines are received by 90 days after publication in the Federal
Register, the public hearing will be cancelled. Requests to attend the
public hearing must be received by 5:00 p.m. ET on April 7, 2023.