The Internal Revenue Service (IRS) today issued Notice 2018-74, which revises certain safe harbor explanations used by plan administrators to comply with Internal Revenue Code section 402(f) regarding the provision of information to recipients of eligible rollover distributions.

Today's guidance modifies two safe harbor explanations in previously issued Notice 2014-74 and was prompted by changes to qualified plan loan offsets as defined in section 13613 of the Tax Cuts and Jobs Act and guidance issued on self-certification of eligibility for a waiver of the deadline for completing a rollover described in Rev. Proc. 2016-47.

The IRS notes the inclusion of two appendices in today's guidance:

• Appendix A contains two model safe harbor explanations: one for distributions that are not from a designated Roth account, and a second for distributions from a designated Roth account.
• Appendix B provides instructions on how to amend the safe harbor explanations contained in Notice 2014-74 to reflect the revisions included in the modified safe harbor explanations in Appendix A. 

The 34-page text of Notice 2018-74 is posted here.

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