Section 305 of SECURE 2.0 added rules for self-correcting a new category of retirement plan errors under the Employee Plans Compliance Resolution System (“ECPRS”). Specifically, Section 305 allows an “eligible inadvertent...more
12/30/2024
/ Compensation & Benefits ,
Employee Benefits ,
EPCRS ,
Financial Services Industry ,
Internal Revenue Code (IRC) ,
IRS ,
Regulatory Requirements ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Self-Correction Programs ,
U.S. Treasury
Effective January 1, 2017, small employers with fewer than 50 full-time employees will be allowed to offer employees a standalone health reimbursement account (“HRA”) without being subject to an excise tax under a law passed...more