The Employee Plans Compliance Resolution System (“EPCRS”), as set forth in Revenue Procedure 2021-30, allows plan sponsors to correct “Qualification Failures,” which are defined as any plan document, operational, demographic...more
2/22/2024
/ 401k ,
Benefit Plan Sponsors ,
Employee Benefits ,
Employees ,
Employer Liability Issues ,
EPCRS ,
IRS ,
Retirement Plan ,
Revenue Procedures ,
SECURE Act ,
Self-Correction Programs
If a 401(k) or 403(b) plan permits employees to take in-service hardship withdrawals in the event of an immediate and heavy financial need, new legislation provides that, effective for plan years beginning in 2023, employers...more