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Retirement Plan › Internal Revenue Service › Corrective Actions

Foley & Lardner LLP

401(k) Plan Top 10 Year End Laundry List

Foley & Lardner LLP on

No one really appreciates laundry, but having a calendar year-end top 10 list may be exactly what plan sponsors and administration committees need in order to prevent operational or document compliance issues being raised by...more

Morgan Lewis - ML Benefits

IRS: Show Me the Signatures for Qualified Plan Documents

Morgan Lewis - ML Benefits on

Tax laws have long required that qualified retirement plans timely adopt written plan documents and amendments. But what evidence must a plan sponsor provide to an IRS auditor to prove that they have timely adopted a written...more

Bricker Graydon LLP

IRS expands Self-Correction Program

Bricker Graydon LLP on

Last week, the Internal Revenue Service (IRS) expanded opportunities to use the Self-Correction Program (SCP), permitting Plan Sponsors to correct certain Plan Document Failures and plan loan failures....more

Seyfarth Shaw LLP

403(b) Remedial Amendment Deadline Finally Set

Seyfarth Shaw LLP on

On January 13, 2017, the IRS issued guidance setting March 31, 2020 as the last day of the remedial amendment period for 403(b) retirement plans. A remedial amendment period is a time frame during which an employer can...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The IRS Voluntary Compliance Program Is Like Your Parents

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

As a child, you’re usually told by your parents that they just want to hear the truth and that telling the truth is going to carry a far less punishment than if you lie and try to hide whatever bad thing you do. The...more

Orrick, Herrington & Sutcliffe LLP

Missed Deferrals - New 401(k) Correction Procedures

Orrick, Herrington & Sutcliffe LLP on

The IRS has recently issued three new, less expensive safe harbor procedures for correcting missed elective deferrals. These new procedures require either no employer corrective contribution to make up the missed elective...more

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