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Administering a retirement plan is a complicated task fraught with potential missteps. Fortunately, employers are now able to self-correct most errors and thereby avoid the considerable time and expense of filing an...more
It is the first week of summer, even though in Ohio the smoldering heat has made it feel like summer for weeks now. Summer reminds many of us of pool days, eating watermelon and corn on the cob, Fourth of July fireworks, and...more
The Employee Plans Compliance Resolution System (“EPCRS”), as set forth in Revenue Procedure 2021-30, allows plan sponsors to correct “Qualification Failures,” which are defined as any plan document, operational, demographic...more
The IRS released long-awaited guidance under the SECURE 2.0 Act on December 20, 2023. Notice 2024-2 (Notice) provides clarification of various provisions, including several optional features that plan sponsors have been...more
Errors in retirement plans happen even to the most well-intentioned plan sponsors. Several decades ago, the IRS published the first version of the Employee Plans Compliance Resolution Program (EPCRS), which outlines...more
There has never been a better time for plan sponsors to prioritize reviewing and self-correcting eligible plan failures. SECURE 2.0, attached to the 2022 year-end Consolidated Appropriations Act, expands retirement savings...more
Effective December 29, 2022, Section 305 of SECURE 2.0 expands the ability for plan sponsors to self-correct certain plan failures under the Employee Plans Compliance Resolution System (“EPCRS”). Section 305 of SECURE 2.0...more
The self-correction of retirement plan operational failures under IRS correction principles has been conditioned upon a plan sponsor’s establishment of compliance practices and procedures since the creation of the Employee...more
The IRS recently issued Notice 2023-43 (Notice) to provide interim guidance on Section 305 of SECURE 2.0 Act of 2022 (SECURE 2.0), which significantly expanded self-correction under the Employee Plans Compliance Resolution...more
The IRS recently issued Notice 2023-43 providing new interim guidance for self-correction of plan errors. This guidance applies to corrections made prior to the anticipated issuance of revisions to the Employee Plans...more
The Internal Revenue Service’s (IRS) Employee Plans Compliance Resolution System (EPCRS) allows employers to correct errors involving the maintenance and operation of tax-qualified retirement plans. Depending on the severity...more
The expansion of the time period during which inadvertent errors in a tax qualified retirement plan under section 305 of Division T of the Consolidated Appropriations Act, 2023 provided welcome relief. Under the last...more
The Internal Revenue Service (IRS) released Notice 2023-43 (Notice) on May 25, which provided guidance regarding the expansion of the IRS’s Employee Plans Compliance Resolution System (EPCRS) mandated by Section 305 of the...more
The SECURE 2.0 Act includes a substantial expansion of the Employee Plans Compliance Resolution System (EPCRS), the IRS umbrella program for correction of retirement plan defects. It also requires EPCRS to be updated to...more
The IRS has issued interim guidance to address the changes made by section 305 of SECURE 2.0 to the self-correction program under the IRS Employee Plans Compliance Resolution System (commonly referred to as “EPCRS”). While...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) greatly expands the availability of self-correction of compliance failures involving employer retirement plans and IRAs. On May 25, 2023, the IRS issued Notice 2023-43, which...more
The SECURE 2.0 Act of 2022 (SECURE 2.0) made a number of changes in law intended to simplify the administration of retirement plans, including through the expansion of the Internal Revenue Service (IRS) Employee Plans...more
Since 1998 the Internal Revenue Services (the “IRS”) has had a comprehensive employees plans correction program with three components: self-correction (SCP), voluntary correction with IRS approval including related user fee...more
Executive Summary: On December 23, 2022, the Consolidated Appropriations Act of 2023 was passed by Congress, which included the SECURE 2.0 Act of 2022 (“SECURE 2.0” or “the Act”). This legislation greatly impacts retirement...more
Introduction - On December 29, 2022, the President signed into law the SECURE 2.0 Act of 2022 (“SECURE 2.0”). As its name suggests, SECURE 2.0 expands on actions taken by the original SECURE Act of 2019 (“SECURE 1.0”). ...more
SECURE 2.0 Act - As part of a large year-end piece of legislation, the provisions known as SECURE 2.0 Act of 2022 (“SECURE 2.0”) were enacted into law. SECURE 2.0 represents a broadly bipartisan piece of legislation that...more
On December 29, 2022, President Biden signed into law the long-awaited Secure Act 2.0 of 2022 (Secure Act 2.0 or the Act), adding another round of major retirement plan changes to those made by the first Setting Every...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) is one of the most significant pieces of retirement plan legislation in many years. (See our high level summary of SECURE 2.0 at link.) Among other things, SECURE 2.0 brings sweeping...more
While most of us were busy preparing for the holidays and making New Year’s resolutions, Congress and President Biden were busy rolling out new retirement plan legislation. On Dec. 22 and Dec. 23, respectively, the Senate and...more
The SECURE 2.0 Act of 2022 makes far-ranging changes to the US employer-retirement plan system intended to expand access to retirement plans and encourage savings by US workers. This LawFlash—one in a series—examines...more