Page 6 - Correction Program News Today

President Biden signed the Consolidated Appropriations Act, 2023, on December 29, 2022, which includes the package of retirement plan legislation known as “SECURE 2.0.” SECURE 2.0...

PBGC published these proposed rules in response to increased litigation over withdrawal liability assessments.

Submitted by the Office of Rep. Rick Larsen.

Passed by Congress as part of Consolidated Appropriations Act, 2023, SECURE 2.0 Act of 2022 contains provisions that affect qualified retirement plans. Provisions described below are generally effective as of the first day of the plan year beginning after December 31, 2023.

SECURE 2.0 was signed into law on December 29, 2022 making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. The changes include correction of retirement plan overpayments and Expansion of EPCRS Self-Correction Program.

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...

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,...

Last Friday Congress passed its year-end omnibus spending bill avoiding a wide-spread government shutdown

US Department of Labor’s DOL Employee Benefits Security Administration EBSA released a proposed amendment and restatement of the Voluntary Fiduciary Correction Program VFCP, along with a proposed amendment to the Prohibited Transaction Exemption PTE 2002-51.

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. In general, the VFCP allows plan fiduciaries to correct prohibited transactions and fiduciary breaches without incurring a civil penalty by voluntarily filing a correction application with the DOL, restoring any losses to the benefit plan with earnings, and paying applicable ...