In late December of 2022, the Consolidated Appropriations Act of 2023 (the “Act”), which was part of the larger Securing a Strong Retirement Act, became law. Approximately ninety provisions in the Act affect qualified retirement plans. The Act has been
Continue Reading The SECURE Act 2.0 Makes Major Changes to Retirement Plan Law
Mac McLean
Mac McLean is a certified tax specialist with Haynsworth Sinkler Boyd, advising employers on employee benefits compliance under the Employee Retirement Income and Security Act (ERISA), IRS Revenue Code and Department of Labor’s Employee Benefits Security Administration (EBSA) Division.
Updates to IRS Correction Principles for Qualified Plans
By Mac McLean on
Posted in Employment Law, HR News
The IRS Employee Plans Compliance Resolution System (EPCRS) permits any plan sponsor of a retirement plan (including SEP and SIMPLE IRA plans) to correct plan failures. Three correction programs exist:
- Self-Correction Program (SCP) – authorizes corrections, consistent with recommended fixes
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Continue Reading Updates to IRS Correction Principles for Qualified Plans