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
Updates to IRS Correction Principles for Qualified Plans
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
Continue Reading Updates to IRS Correction Principles for Qualified Plans