PODCAST: Williams Mullen's Benefits Companion - SECURE 2.0 Act Relief for Plan Corrections
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
This post examines excess deferrals under non-governmental 457(b) plans, including the approved method for correcting them and the penalty for failing to correct them, to make the case for a change in IRS policy on correcting...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
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