401(K) Current Events: IRS Releases Notice 2023-43, Interim Guidance On Secure 2.0 EPCRS Expansion
As we have previously reported, the SECURE 2.0 Act (SECURE 2.0), signed into law on December 29, 2022, represents a huge package of provisions affecting […]
401(k): Updates to EPCRS Correction Programs Encourage Employers to Self-Identify, Correct Mishaps
On July 16, 2021, the IRS issued Revenue Procedure (“Rev. Proc.”) 2021-30, the most recent comprehensive official guidance concerning the IRS’s Employee Plans Compliance Resolution […]
IRS Releases Updated VCP Compliance Statement
Recently, the IRS released an updated version of Form 14568 (Model VCP Compliance Statement), intended for use in connection with filing voluntary correction program (“VCP”) […]
IRS Updates VCP Electronic Submission Procedures, Revises Form
On June 28, 2019, the IRS issued its June Employee Plans News, in which the agency announced comparatively minor changes to the submission procedures applicable […]
<span style="color: rgb(120, 92, 165); font-family: arial;">401(k):</span><b> Find and Fix – Participant Loans Weren’t Administered According to Plan Terms
An employee comes to you after taking out a loan against her 401(k). She explains that it has been several months and no repayments are […]
<span style="color: rgb(120, 92, 165); font-family: arial;">401(k):</span> <b> Find and Fix – You haven’t filed a Form 5500 this year
Most 401(k) plan administrators are required to file an annual Form 5500, Annual Return/Report of Employee Benefit Plan. All Form 5500 filings must be filed […]
<span style="color: rgb(120, 92, 165); font-family: arial;">401(k):</span> <b>Your Plan Failed ADP and/or ACP testing! Now what?</b>
In the beginning, 401(k) retirement plans were designed to encourage mid to lower level income workers to save for their retirement years by offering a […]