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February 23, 2024
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...
February 20, 2024
Recently, the IRS announced phase two of its expansion of the Pre-Examination Compliance Pilot Program. Under the pilot program, an employer may limit or entirely avoid an impending IRS...
June 2, 2023
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.
June 2, 2023
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.
June 2, 2023
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...
January 20, 2023
The DOL made a proposal to expand the VFCP in November 2022, and SECURE 2.0 also made changes to IRS and DOL corrections programs.
January 19, 2023
Biden signed into law the Omnibus Appropriation Act, 2023, including the SECURE 2.0 Act of 2022. The Setting Every Community Up for Retirement Act of 2019 included a number of changes designed to encourage retirement savings and expand employee participation in retirement plans.
January 12, 2023
On December 29, 2022, President Biden signed the SECURE 2.0 Act of 2022 (“SECURE 2.0”). The new act is being called SECURE 2.0 based on the name of its thematic predecessor, the Setting...
January 11, 2023
The US Congress recently passed the SECURE 2.0 Act of 2022 (SECURE 2.0). Building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (SECURE 1.0), SECURE...
January 7, 2023
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.