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By Donna Wolfson, Schneider Downs Retirement Solutions
Recognizing the difficulty of meeting a “physical presence” requirement during the COVID-19 pandemic, the IRS on June 3 issued Notice 2020-42, providing temporary relief for certain qualified retirement plan participant elections, including spousal consents, that are typically required to be witnessed in the physical presence of a plan representative or notary public. The relief is retroactive to January 1, 2020, and continues through December 31, 2020.
While Treasury regulations permit electronic notarization of participant elections, the “physical presence” requirement prevents the use of remote notarizations. Notice 2020-42 waives that requirement if certain rules are satisfied.
In the case of notaries, the relief applies to any consent witnessed by a notary of a state that permits remote electronic notarization. Execution must be via a live audio-video conference that meets the state’s requirements for remote notarization, as well as the normal regulatory requirements for electronic signature.
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