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What are the notification requirements to participants, etc., when a SARSEP terminates?

April 26, 2017NOTIFICATION participants requirements sarsep terminates

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What are the notification requirements to participants, etc., when a SARSEP terminates?

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When terminating a SARSEP plan, it is a good idea to notify the employees that the plan has been discontinued. The financial institution that was chosen to handle the plan may need to be notified that there will be no more contributions. The employer may also need to let the institution know that it will terminate the contract or agreement with it. The IRS should not be notified of the plan’s termination.