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The IRS’s Employee Plans Compliance Resolution System EPCRS correction program offers plan sponsors means to correct various operational errors, including plan loan errors. Before 2019, plan loan failures had to be corrected using the EPCRSs voluntary compliance program VCP. ....
401k plan sponsors have a vested interest in making sure plan participants have properly completed and filed their beneficiary designations. The majority of beneficiary designation issues affecting plan sponsors and administrators arise after a participant has passed away. ....
In last month’s 401(k) Compliance Check, we discussed best practices for drafting a 401(k) plan summary plan description (SPD). This month we provide some best practices for plan. ....
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