IRS provides guidance on rollovers between retirement plans and IRAs

The IRS on Wednesday issued Notice 2026-49, which contains sample forms and proposed rollover procedures to simplify and standardize rollovers between retirement plans and individual retirement accounts (IRAs) as required by Section 324 of the SECURE 2.0 Act of 2022 (Division T of the Consolidated Appropriations Act, 2023, P.L. 117-328).

The sample forms and proposed procedures apply only to rollovers between retirement plans or between a retirement plan and an individual retirement account (IRA), but not to IRA-to-IRA transfers. The sample forms are, according to an IRS news release, designed to protect participants’ personal identifying information and minimize participants’ burden. Use of the sample forms and proposed procedures is optional for plan sponsors.

The notice requests comments on the sample forms and proposed rollover procedures and outlines additional guidance being considered to expedite the rollover process. The comment deadline is Oct. 23.

— To comment on this article or to suggest an idea for another article, contact Martha Waggoner at Martha.Waggoner@aicpa-cima.com.