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IRA specialist Ed Slott. 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 Washington Bureau Chief, Investment Advisory Group. She also covers regulatory and compliance issues. Her column, The Playing Field, appears in Investment Advisor and on ThinkAdvisor.com, and she also writes the briefing and produces the podcast, Human Capital. Earlier in her career, Melanie covered financial issues at American Banker/Thomson Media publications in Washington and New York. She also wrote freelance articles for Institutional Investor in New York. You can reach her at [email protected] On twitter: @Think_MelanieW

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