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Why Is There No IRS Correction Program for Non-Governmental 457(b) Plans?

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

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

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

DOL Proposes Amendments to QPAM Exemption

On July 27, 2022, the Department of Labor (DOL) proposed a set of amendments to Prohibited Transaction Class Exemption 84-14, the so-called “QPAM Exemption,” which permits an investment fund holding assets of ERISA plans and...more

Reporting Deferred Compensation on Form 990

Tax-exempt organizations often provide deferred compensation to their officers, key employees, and most highly compensated employees. Like current compensation payable to such employees, deferred compensation must be reported...more

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