By Pension and Benefits Editorial Staff
The IRS has added a distribution that was made to a state unclaimed property fund to its list of permissible reasons for self-certification of eligibility for a waiver of the 60-day rollover requirement. The self-certification procedure is designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA).
The IRS has added language explaining that a self-certification relates only to the reasons for missing the 60-day deadline, not to whether a distribution is otherwise eligible to be rolled over. In addition, the IRS has provided model language that may be used for self-certification. The procedure is effective October 16, 2020.
Rev. Proc. 2016-47 is modified and superseded, and Rev. Proc. 2003-16 is modified.
Source: Rev. Proc. 2020-46.
