News & Analysis as of

SECURE Act Employee Plans Compliance Resolution System Employee Benefits

Bradley Arant Boult Cummings LLP

Every Retirement Plan Needs Practices and Procedures for Self-Correction

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

Bricker Graydon LLP

Did Your Auditors Find an Error During Your Plan Audit?

Bricker Graydon LLP on

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

Holland & Hart - The Benefits Dial

You Live, You Learn… Correcting “Qualification Failures” under the Self-Correction Program

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

Eversheds Sutherland (US) LLP

IRS SECURE 2.0 guidance answers key questions

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

Bricker Graydon LLP

Why Time is of the Essence More than Ever in Correcting Retirement Plan Errors

Bricker Graydon LLP on

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

BCLP

NOW is the Time to Review and Correct Retirement Plan Compliance: IRS Notice 2023-43

BCLP on

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

Snell & Wilmer

SECURE 2.0 Expands Self-Correction Under EPCRS

Snell & Wilmer on

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

Verrill

Establishing Practices and Procedures to Support Self-Correction of Operational Failures

Verrill on

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

Faegre Drinker Biddle & Reath LLP

IRS Issues Interim Guidance on SECURE 2.0 Self-Correction Expansion

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

Proskauer - Employee Benefits & Executive...

Self-Help: The IRS Provides Interim Guidance for Self-Correction under the SECURE Act 2.0

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

McDermott Will & Emery

Special Report: SECURE 2.0 Act and the Future of the Employee Plans Compliance Resolution System

McDermott Will & Emery on

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

Jackson Walker

Internal Revenue Service Confirms the Expansion of Self-Correction under the SECURE 2.0 Act of 2022

Jackson Walker on

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

Morgan Lewis - ML Benefits

New IRS Q&A Regarding EPCRS Expansion Answers Some – But Not All – Questions

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

Miller Canfield

IRS Issues Notice Regarding Expansion of EPCRS under SECURE 2.0 Act

Miller Canfield on

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

Groom Law Group, Chartered

SECURE 2.0 Guidance Process Begins – Self Correction for Eligible Inadvertent Failures Is First Up

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

Kilpatrick

IRS Issues SECURE 2.0 Guidance on Expanded Availability of Self-Correction

Kilpatrick on

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

Morgan Lewis - ML Benefits

IRA Providers: SECURE Act 2.0 Expands EPCRS to Correct Inadvertent IRA Errors

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

Pullman & Comley - Labor, Employment and...

Secure Act 2.0 Creates Greater Opportunities for Self-Correction of Retirement Plans

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

FordHarrison

SECURE 2.0 Requires Major Changes to Retirement Plans and EPCRS

FordHarrison on

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

Neal, Gerber & Eisenberg LLP

Client Alert: Raising the Curtain on the Next Act: SECURE ACT 2.0

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

Sullivan & Worcester

Winter 2023 Employment and Benefits Updates

Sullivan & Worcester on

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

Tarter Krinsky & Drogin LLP

What You Need to Know About The Secure Act 2.0

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

Kilpatrick

SECURE 2.0 Upends IRS Correction Procedure

Kilpatrick on

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

Brooks Pierce

SECURE 2.0: Recent Changes to Retirement Plan Laws

Brooks Pierce on

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

Morgan Lewis

SECURE Act 2.0: Expanded Self-Correction and New Overpayment Correction Rules and Relief

Morgan Lewis on

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

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