Reductions in Force and Partial Plan Terminations: Another Potential 2020 ‘Gotcha’

Employers in all industries have faced unprecedented business challenges during 2020, and responding to those challenges has often entailed adjustments to the size and composition of workforces through targeted or broader-based reductions in force. As we finally face the end of this seemingly interminable year, it is important to consider some of the less-obvious consequences of reductions in force on tax-qualified retirement plans. In particular, a frequent “gotcha” for employers that have made...
By: Ogletree, Deakins, Nash, Smoak & Stewart,

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