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Physical Presence Requirement Relief Extended Through June
The relief is for retirement plan participant elections and spousal consent required to be witnessed by a plan representative or a notary public.
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The IRS, in Notice 2021-03, has extended the temporary relief it provided from the physical presence requirement for spousal consents under qualified retirement plans from January 1, 2021, through June 30, 2021, due to the ongoing crisis created by the COVID-19 pandemic. In addition, the requirement that participant elections be witnessed by a plan representative or notary public will also be lifted through that time.
As a way of background, the IRS notes that on March 13, President Donald Trump determined that the COVID-19 pandemic was of sufficient severity and magnitude to warrant an emergency determination under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. Rather than physical presence, retirement plan sponsors can use electronic mediums t