On February 7, 2024, the IRS announced the second phase of its Pre-Examination Retirement Compliance Program (we discussed phase one in our earlier post here). Under this program, sponsors will be notified that their plan is selected for examination and will have 90 days to review and correct any plan document or operational errors
Employee Plans Compliance Resolutions System
Self-Help: The IRS Provides Interim Guidance for Self-Correction under the SECURE Act 2.0
By Katrina McCann on
The IRS recently issued Notice 2023-43 providing new interim guidance for self-correction of plan errors. This guidance applies to corrections made prior to the anticipated issuance of revisions to the Employee Plans Compliance Resolution System (“EPCRS”). Under this guidance, provided certain conditions are satisfied, most Eligible Inadvertent Failures (defined below) may be self-corrected, though there are specific types of failures that may not be self-corrected at this time (discussed below).
SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors
By Jay Jensen & Jennifer Rigterink on
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 Program under the IRS’s Employee Plans Compliance Resolution System (“EPCRS”) to cover most inadvertent errors, and (3) making permanent the current…
IRS Unveils New Pre-Examination Compliance Pilot Program for Retirement Plans
By Robert Projansky & Jennifer Rigterink on
Ever wished you could predict the future? Or at the very least, predict the timing of a retirement plan audit? Well, you may be in luck on your second wish.
Last Friday, the IRS Employee Plans division announced a new pilot program whereby it will notify retirement plan sponsors 90 days in advance that their…