Hardship withdrawals will no longer be eligible for rollover treatment and will no longer be subject to mandatory withholding. Hardship withdrawal forms and notices should be revised accordingly. Beneficiary Designations Plan administrators should remind participants that they may wish to change their beneficiary designations due to life status changes, such as marriage, divorce or a change in dependents. Notice Group health plans are now required to provide certain benefits for mastectomies and breast reconstruction. This term is being construed broadly to include any change that would be considered by the average employee as an important reduction in covered benefits.
Fees paid to plan service providers are reasonable.
Plans and their providers are Year 2000 compliant. Administrative decisions and administrative procedures are well-documented. The appropriate recordkeeping, reporting and disclosures occur for all affected plans. The appropriate level of fidelity bonding is maintained. If plan operational errors are discovered, plan fiduciaries must effect the necessary corrections and weigh the prudence of invoking one of the IRS correction programs.