Managing the 401(k), 403(b) and 457 deferral elections has transformed retirement plan administration from an annual event to an every-payroll affair. For each payroll period, employers, payroll administrators and plan administrators have to effect new participant elections, changes in elections and cancellations in elections. The chances for even a well-administered plan to make mistakes is significant. The costs for correction, not to mention the potential for plan disqualification, can be significant if the plan isn’t corrected quickly.
Fortunately, the IRS has provided methods to correct such failures. Recently, the IRS has added less costly safe harbor correction methods. Unfortunately, the IRS retained the old correction methods and provided no explanation for how the two sets of rules interface.
In this webcast, we will explain (with examples) the two sets of rules and how and when you use the rules.
Please join us for answers on how to correct your elective deferral failures.
Presented by: Stephen W. Forbes, J.D., LL.M. (taxation)
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