On February 7, 2024, the Internal Revenue Service (IRS) announced it has commenced the second phase of its Pre-Examination Retirement Plan Compliance Program Pilot.
The SECURE 2.0 Act of 2022 (SECURE 2.0), enacted on December 29, 2022, significantly expanded the IRS's Employee Plans Compliance Resolution System (EPCRS) to allow employers to self-correct.
In November 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-40, which made modifications impacting the remedial amendment period for both individually-designed qualified.
In November 2022, the Internal Revenue Service (IRS) announced in Revenue Procedure 2022-40 an expansion to its Determination Letter Program which for the first time will permit.
As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments.