QPN - 2016-3 - Self-Certification for Waiver of 60-Day Rollover Requirement

Sep 19, 2026

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Qualified Plan News (QPN) No. 2016-3 dated October 26, 2016 explains IRS Revenue Procedure 2016-47 and the process for participants to self-certify a waiver of the 60-day rollover requirement for qualified plan and IRA distributions. It describes how a taxpayer can provide written self-certification with a model letter, when plan administrators or trustees may rely on it, and the effective date. The document outlines background rules, waiver circumstances, and enumerates eligibility conditions for self-certification, including errors, misplaced checks, serious illness, incarceration, foreign restrictions, and other specified delays.

LanguageEnglish

CategoryLetters

FormatPDF

Pages3

Reading Time1 min

AccessFree to download

QPN Overview

QPN Highlights

Background: 60-Day Rollover Rule

Self-Certification Guidance under Revenue Procedure 2016-47

Conditions for Self-Certification

Form 5498 Modification (Intent)

Qualified Plan News Compliance made easy through the Qualified Plan Consulting Team of Voya Financial® CORPORATE MARKETS No. 2016-3 Date: October 26, 2016 Voya Qualified Plan Consulting Mike Smith, QPA, QKA Carla Ennis, QPA, QKA, APAStacia Hastings, QKA Robert Kaplan, CFP, CPC, QPA, APA Susan Belanger Helpful Web Links Voya 401(k) InfoCenter Department of Labor Department of Labor Compliance and Voluntary Correction Assistance Taking the Mystery Out of Retirement Planning Internal Revenue Service Internal Revenue Service Correcting Plan Errors Self-Certification for Waiver of 60-Day Rollover Requirement QPN Highlights 􀂾 The Internal Revenue Service (IRS) has released guidance that gives taxpayers relief from the 60-day deadline to rollover distributions from a qualified plan or IRA when certain conditions are met. 􀂾 The taxpayer must provide written self-certification to the plan administrator or IRA trustee that one or more of the conditions listed in the guidance prevented him/her from meeting the 60-day rollover requirement. The guidance includes a model letter that may be used for this purpose. 􀂾 The plan administrator or IRA trustee may rely on the self-certification unless they have actual knowledge to the contrary. The taxpayer may report the contribution as a valid rollover unless otherwise informed by the IRS. 􀂾 The new guidance is effective on August 24, 2016. The Internal Revenue Service (IRS) has released Revenue Procedures 2016-47 providing guidance for participants to selfcertify the waiver of the 60-day rollover requirement for distributions from qualified plans and IRAs. No IRS filing to request the waiver is needed when certain conditions are met. Background-A cash distribution from a qualified plan (e.g., a 401(k) plan) or IRA to a participant will be excluded from income if it is rolled over to another qualified plan or IRA not later than 60 days after the participant receives the check. A similar rule applies to 403(a), 403(b) and 457 eligible governmental plans. The Internal Revenue Code and regulations describe certain circumstances under which the plan administrator may rely on certain certifications and documentation from the distributing plan that the rollover is valid and is being made no later than 60 days after it was received. The regulations also include examples of this. The rules provide that the Secretary of the Treasury may waive the 60-day rollover requirement under certain circumstances where failure to waive such requirements would be against equity or good conscience, including casualty, disaster or other events beyond the reasonable control of the individual. The 60-day requirement may also be postponed for service in a combat zone or a Presidentially declared disaster or aterroristic or military action. When such events occur causing the taxpayer to fail to meet the 60-day deadline, existing guidance allows the taxpayer to apply to the IRS for a waiver of the 60-day rollover requirement. The guidance includes an automatic approval of a waiver request in certain circumstances where the failure to meet the 60-day requirement was due to an error on the part of a financial institution. New self-certification guidance – The new guidance under Revenue Procedure 2016-47 now permits the taxpayer to make a written self-certification to the plan administrator or IRA trustee that the failure to meet the 60-day requirement meets one of the conditions listed below. The IRS provides a model letter that may be used for this purpose. Alternatively the individual may provide a letter that is substantially similar to the model in all material respects. Revenue Procedure 2016-47 and additional information regarding rollovers is available on the IRS website at [https://www.irs.gov/uac/new-procedure-helps-people](https://www.irs.gov/uac/new-procedure-helps-people)making-ira-and-retirement-plan-rollovers . Helpful participant FAQs are available at [https

FAQs

What does IRS Revenue Procedure 2016-47 change regarding the 60-day rollover rule?

It allows participants to self-certify a waiver of the 60-day rollover requirement for certain qualified plan and IRA distributions when listed conditions are met, reducing the need for an IRS filing request.

Who can rely on the taxpayer’s self-certification, and on what basis?

The plan administrator or IRA trustee may rely on the self-certification unless they have actual knowledge to the contrary, and the taxpayer may report the contribution as a valid rollover unless otherwise informed by the IRS.

What conditions can qualify a taxpayer to self-certify a waiver of the 60-day deadline?

Eligibility includes scenarios such as financial institution errors, misplaced uncashed checks, mistaken deposit into a non-eligible account, severe damage to the principal residence, death or serious illness of a family member, incarceration, foreign-country restrictions, postal errors, IRS levy proceeds returned, or delayed delivery of required rollover information.

Sep 19, 2026

Upload by Miles