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SECURE Act › Voluntary Correction Program

Bricker Graydon LLP

Did Your Auditors Find an Error During Your Plan Audit?

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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

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - SECURE 2.0 Act Relief for Plan Corrections

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses eligible inadvertent failures that may be self-corrected under SECURE 2.0 Act and limitations on self-correction. ...more

Bricker Graydon LLP

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

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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

Morgan Lewis - ML Benefits

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

Morgan Lewis - ML Benefits on

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

Jackson Lewis P.C.

The IRS Starts the Summer with a Splash: New Guidance for Self-Correction

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As discussed in an earlier blog post, the SECURE 2.0 Act of 2022 (the Act) expanded the Employee Plans Compliance Resolution System (EPCRS), a comprehensive IRS program for correcting common qualified retirement plan...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

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