Page 3 - Correction Program News Today

Recently, the IRS released Notice 2023-43, providing interim guidance on Section 305 of the SECURE 2.0 Act of 2022, which expanded the Employee Plans Compliance Resolution System (EPCRS), the system through...

Todd A. Solomon is a pension plan, profit sharing plan, 401(k) plan, employee stock ownership plan, 403(b) plans and nonqualified deferred compensation lawyer at McDermott Will

The Internal Revenue Service (IRS) released Notice 2023-43 (Notice) on May 25, which provided guidance regarding the expansion of the IRS’s Employee Plans Compliance Resolution System...

Plan sponsors can make additional corrections via SCP, rather than VCP, while a “reasonable amount of time” to discover an error is defined as 18 months.

IRS issued Notice 2023-43 giving interim explanation of pending changes to Employee Plans Compliance Resolution System EPCRS. SECURE 2.0 expands retirement plan defect correction system allows indefinite correction period and some self correction. Interim not final rule.

The SECURE 2.0 Act includes a substantial expansion of the Employee Plans Compliance Resolution System (EPCRS), the IRS umbrella program for correction of retirement plan defects. It...

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) greatly expands the availability of self-correction of compliance failures involving employer retirement plans and IRAs. On May 25, 2023, the...

Jessica N. Agostinho Employee Benefits Attorney Hunton Andrews Kurth Washington, DC including corporate transactions, Tax, health care reform, tax-qualified retirement plans and executive compensation.

Baseball season has just started, and retirement plan auditing season will soon kick into high gear. Many plan sponsors don’t see the value of a good auditor; they just see the audit as...

Retirement plan auditing season starts soon. Many plan sponsors don’t see value of good auditor; they see audit as cost of doing business. These days when a plan sponsor becomes aware of an operational problem in the plan, it’s frequently auditor who discovers it.