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5305-simple 2024 Form: What You Should Know

Proposed Collection Dec 13, 2024 — Filed. This proposed collection request should be reviewed in light of the Notice. Form 5305-SIMPLE; Notice 98-4 (Rev. March 2012); OMB Notice 98-4 — 29— SUMMARY — OMB Notice 98-4 — 29: Proposed Collection of Form 5304–SIMPLE, Notice 98-4. SUMMARY — OMB Notice 98-4 — 29— Document in Context: The purpose of notice 98-4 is to provide notice to employees of certain proposed adjustments to their 401(k) and 403(b) plans. The planned adjustments, as amended in Notice 98-4, may be included in the final Form 5304 and may impose additional requirements on the plans. The Notice requires you to notify your employees of the planned adjustments in accordance with the applicable notice of proposed rule making. The Notice also requires that you notify your employees that the plan will be terminated unless the plan provides benefits in the amount of at least the annual limit prescribed in this notice. This notice provides information for employers about proposed changes to their 401(k) and 403(b) plans that are likely to be applied to future years. Notice 98-4 provides information to employers about whether employees would receive the tax benefits they would otherwise receive under their defined benefit plans, and about how they can protect the value of their plan. You must provide the notice to all employees who have participation in the 401(k) plan that was modified, in whole or in part, between the beginning of the year of modification and the effective date of this notice. There needs to be uniformity between the notice for each employee and that notice for the plan as modified. You have five days to complete the initial notice. If you do not complete the initial notice, you continue to be in default. You can correct any other errors in the initial notice up to 5 days before the original due date. For a plan that is in default, you must provide a plan amendment that would meet the requirements described in this notice. You need to take three actions to ensure your employees understand the notice.

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