News & Analysis as of

Employee Plans Compliance Resolution System Employee Retirement Income Security Act (ERISA) Retirement Plan

Jackson Walker

Internal Revenue Service Confirms the Expansion of Self-Correction under the SECURE 2.0 Act of 2022

Jackson Walker on

The expansion of the time period during which inadvertent errors in a tax qualified retirement plan under section 305 of Division T of the Consolidated Appropriations Act, 2023 provided welcome relief. Under the last...more

Kilpatrick

IRS Issues SECURE 2.0 Guidance on Expanded Availability of Self-Correction

Kilpatrick on

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) greatly expands the availability of self-correction of compliance failures involving employer retirement plans and IRAs. On May 25, 2023, the IRS issued Notice 2023-43, which...more

Groom Law Group, Chartered

DOL Reopens Comment Period for Voluntary Fiduciary Correction Program Changes

The Department of Labor (“DOL”) recently announced (88 Fed. Reg. 9408, Feb. 14, 2023) that it will reopen the public comment period on proposed amendments to DOL’s Voluntary Fiduciary Correction Program (“VFCP”) and its...more

Keating Muething & Klekamp PLL

What Employers Need to Know About SECURE 2.0

The Senate ushered in the New Year with a bang by passing SECURE 2.0 on December 22, 2022. SECURE 2.0 includes many updates to the sweeping changes brought about under 2019’s original SECURE Act legislation...more

Brooks Pierce

SECURE 2.0: Recent Changes to Retirement Plan Laws

Brooks Pierce on

While most of us were busy preparing for the holidays and making New Year’s resolutions, Congress and President Biden were busy rolling out new retirement plan legislation. On Dec. 22 and Dec. 23, respectively, the Senate and...more

Bradley Arant Boult Cummings LLP

SECURE 2.0: Retirement Plan Changes for 2023

The SECURE 2.0 Act of 2022 was enacted at the end of last year as part of the Consolidated Appropriations Act of 2023. The act sets forth a number of changes affecting retirement plans that go into effect over several years....more

Proskauer - Employee Benefits & Executive...

SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors

As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments, (2) expansion of the Self-Correction...more

Foley & Lardner LLP

SECURE 2.0 Changes Rules for Retirement Plans

Foley & Lardner LLP on

SECURE 2.0 Act of 2022 (the “Act”) was signed into law by President Biden on December 29, 2022 (the date of enactment), as part of the larger government funding bill. The Act makes numerous changes affecting retirement plans....more

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

McDermott Will & Emery

Deja Vu with Retirement Plan Extension 2

McDermott Will & Emery on

In response to the continued administrative difficulties due to the COVID-19 pandemic, recent Internal Revenue Service (IRS) guidance extends additional retirement plan deadlines for 2020...more

Groom Law Group, Chartered

IRS Extends More Pension Deadlines For COVID-19

IRS Notice 2020-35 is a follow-on to Notice 2020-23 that provided for a wide range of pension filings and actions that were otherwise due between April 1 and July 14, 2020 that were extended until July 15, 2020. ...more

Morgan Lewis - ML Benefits

Enforcing the $100,000 Coronavirus Related Distribution Limit on Multiple Plans in the Same Controlled Group

The $100,000 limit on coronavirus-related distributions (CVRD) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is both an individual limit and a plan limit....more

Proskauer - Employee Benefits & Executive...

[Podcast]: Suspension of Benefits Issues

In this episode of the Proskauer Benefits Brief, partner Paul Hamburger, and associate Katrina McCann discuss the suspension of benefits rules, and the unique and interesting issues that arise when defined benefit plan...more

Polsinelli

Year End Retirement Plan Checkup: Required Claims Amendment, a Top Ten List for Plan Errors and New EPCRS E-Filing Requirements

Polsinelli on

Earlier this year, the U.S. Department of Labor (“DOL”) and the Internal Revenue Service (“IRS”) issued new guidance and rules pertaining to retirement plans. ...more

McDermott Will & Emery

ERISA Basics National Institute: Section 401(k) Plans

McDermott Will & Emery on

A 401(k) plan has a qualified cash or deferred arrangement that is part of a profit sharing plan or stock bonus plan. Under the Internal Revenue Code Section 401(k)(2), an employee may elect to make contributions to the plan,...more

Franczek P.C.

Employee Benefits Alert - July 2015

Franczek P.C. on

Major Revisions to Qualified Plan Determination Letter Process Announced - Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...more

Smith Anderson

Correcting Problems With Your Retirement Plan

Smith Anderson on

Presented by Caryn McNeill, Craig Wheaton and Jamie Hinkle The rules that apply to qualified retirement plans are complex. Not surprisingly, plan sponsors determine with some regularity that their plans have a compliance...more

Katten Muchin Rosenman LLP

IRS and US Department of Labor Continue to Expand, Encourage and Simplify Correction Programs in 2013 Updates to EPCRS and DFVCP

Plan sponsors know that errors and failures in administering a retirement plan happen. All too often, changes in administrators, service providers and other staff uncover errors and compliance problems that should be...more

Morgan Lewis

IRS Updates and Expands Qualification Correction Program

Morgan Lewis on

New provisions for correcting operational and plan document errors take effect on April 1. On December 31, 2012, the Internal Revenue Service (IRS) updated its Employee Plans Compliance Resolution System (EPCRS) through...more

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