PODCAST: Williams Mullen's Benefits Companion - SECURE 2.0 Act Relief for Plan Corrections
The Internal Revenue Service updated and expanded the ability to correct plan operational and document defects with the new and improved Employee Plans Compliance Resolution System (Rev. Proc. 2021-30) (EPCRS). Issued and...more
Generally, for a tax qualified retirement plan to be adopted, the plan document must be signed and dated by the sponsoring employer and retained. However, in Val Lanes Recreation Center Corp. v. Commissioner of Internal...more
Since the end of the IRS’s cyclical determination letter program for individually designed retirement plans in 2017, plan sponsors have been able to request favorable determination letters for individually designed plans only...more
The Internal Revenue Service (IRS) has provided clarification regarding new “compliance questions,” principally for retirement plans, that appear on the 2015 Forms 5500 and 5500-SF. These questions should not be answered....more
On December 31, 2012, as Times Square in New York was getting ready to drop the crystal ball, the Internal Revenue Service (IRS) dropped long-awaited guidance regarding retirement plan corrections in the form of Revenue...more