News & Analysis as of

Plan Administrators Retirement Plan Employee Plans Compliance Resolution System

Pullman & Comley - Labor, Employment and...

Secure Act 2.0 Creates Greater Opportunities for Self-Correction of Retirement Plans

Since 1998 the Internal Revenue Services (the “IRS”) has had a comprehensive employees plans correction program with three components: self-correction (SCP), voluntary correction with IRS approval including related user fee...more

Foley & Lardner LLP

401(k) Compliance Check #12: Don’t Borrow Trouble – Correcting Retirement Plan Loan Errors

Foley & Lardner LLP on

In last month’s 401(k) Compliance Check, we discussed the importance of developing (and maintaining) best practices for handling beneficiary designations. This month, we discuss one of the most common problems faced by 401(k)...more

Laner Muchin, Ltd.

Plan Administrators of Retirement Plans Need to Prepare for New IRS Pre-Examination Compliance Pilot Program

Laner Muchin, Ltd. on

On June 3, 2022, the Internal Revenue Service (IRS) announced a new pilot program aimed at qualified retirement plan compliance. Pursuant to the program, the IRS will issue a letter to the plan administrator which provides a...more

Best Best & Krieger LLP

Ways To Correct Governmental Plan Problems

There are several tools that can be used to correct or fix governmental plan problems. First, some classification. Practically all the retirement plans we discuss are “tax-advantaged” in one form or another. However,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS changes EPCRS program, expands self-correction program

After annoying many plan sponsors and plan providers by increasing user fees for their voluntary compliance program (VCP), the Internal Revenue Service (IRS) goes the other way by increasing the number of opportunities for...more

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