News & Analysis as of

Employee Benefits › Self-Correction Programs › 401k

Kelley Drye & Warren LLP

Simplified Option for Correcting Certain Retirement Plan Failures

Kelley Drye & Warren LLP on

Earlier this year, the U.S. Department of Labor (“DOL”) amended its Voluntary Fiduciary Compliance Program (“VFCP”) to provide retirement plan sponsors with a simplified option for correcting certain specified prohibited...more

Foster Swift Collins & Smith

IRS Expands Self-Correction Program: What Plan Sponsors Need to Know About the Interim Guidance

Foster Swift Collins & Smith on

The IRS has made it easier for retirement plan sponsors to fix common plan mistakes without going through a formal filing process. Under interim guidance in Notice 2023-43, sponsors can now correct a broader range of errors...more

Holland & Hart - The Benefits Dial

You Live, You Learn… Correcting “Qualification Failures” under the Self-Correction Program

Holland & Hart - The Benefits Dial on

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

Fisher Phillips

IRS Grab Bag Brings Clarity to Certain SECURE Act 2.0 Provisions: 6 Biggest Points for Employers

Fisher Phillips on

Employers that sponsor retirement plans continue to have a lot on their plate. With SECURE Act 2.0 requirements now in play, this legislation continues to add more and more to your (already) overflowing plate. However, as is...more

Pullman & Comley - Labor, Employment and...

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

Pullman & Comley - Labor, Employment and... on

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

FordHarrison

SECURE 2.0 Requires Major Changes to Retirement Plans and EPCRS

FordHarrison on

Executive Summary: On December 23, 2022, the Consolidated Appropriations Act of 2023 was passed by Congress, which included the SECURE 2.0 Act of 2022 (“SECURE 2.0” or “the Act”). This legislation greatly impacts retirement...more

Bradley Arant Boult Cummings LLP

SECURE 2.0: Retirement Plan Changes for 2023

Bradley Arant Boult Cummings LLP on

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

Fisher Phillips

Department of Labor Proposes Self-Correction Option Under Voluntary Fiduciary Correction Program

Fisher Phillips on

The Department of Labor recently proposed updates to its Voluntary Fiduciary Correction Program (VFCP), which would allow fiduciaries the opportunity to self-correct certain matters including late deposits to a 401(k) plan....more

McDermott Will & Schulte

Student Loan Benefits And Other 401(K) Developments

McDermott Will & Schulte on

Diane M. Morgenthaler and Jeffrey M. Holdvogt recently presented the webinar “Student Loan Benefits and Other 401(k) Developments” at the Worldwide Employee Benefits Network Chicagoland program. In the presentation, they...more

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