Retirement Plan Elections May Be Signed Remotely
In response to the COVID-19 pandemic and the need for social distancing, the IRS issued Notice 2020-42, providing temporary relief from the requirement that certain retirement plan elections, including spousal consents, be signed in the physical presence of a plan representative or notary public. Through the end of 2020, this requirement will be deemed satisfied for elections executed using live audio-video technology, provided certain procedures are followed. The guidance is intended to facilitate coronavirus-related distributions and plan loans according to the CARES Act. However, the temporary relief applies to any election that requires a signature in the presence of a plan representative or notary.
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