IRA specialist Ed Slott.
Advisors, take note: the Internal Revenue Service has released a new ruling on the handling of missing 401(k) participants.
Revenue Ruling 2020-24, Withholding and Reporting With Respect to Payments From Qualified Plans to State Unclaimed Property Funds, is "a good heads up … to advisors who may know of clients who left 401(k) balances behind with former employers," IRA expert Ed Slott of Ed Slott & Co., told ThinkAdvisor in a Wednesday email. "Those unclaimed balances may be lost to the state."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
