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The SECURE 2.0 Act of 2022 (“SECURE 2.0”) is one of the most significant pieces of retirement plan legislation in many years. (See our high level summary of SECURE 2.0 at link.) Among...
To embed, copy and paste the code into your website or blog: On July 16, 2021, the IRS issued Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (“EPCRS”). Retirement plan sponsors may use EPCRS to correct certain compliance mistakes, and avoid the adverse tax consequences associated with plan disqualification. We have provided a summary of the changes below. Modification to Existing Overpayment Correction Method . The new guidance modifies the existing overpayment correction method to allow overpayment recipients to be given a choice as to wh...