Self-Correcting Plan Failures: Welcome to the Promised Land (Repeat)

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Presented by: Ilene H. Ferenczy, J.D., CPC, APA, S. Derrin Watson, J.D., APM and Alison J. Cohen, J.D., CPC

When Congress passed SECURE 2.0, §305, practitioners were amazed. The new law removed not only the three-year time limit on many self-corrections, but also seemed to vastly expand the category of failures that could be self-corrected. It almost seemed too good to be true. There was uncertainty about what exactly could be self-corrected, what limitations the IRS would impose on self-correction, and most importantly the effective date of the new rules. The IRS just released Notice 2023-43, which answers these questions and more, at least until the IRS formally updates EPCRS. Ilene, Derrin, and Alison, co-authors of the Plan Correction eSource, will provide an in-depth analysis of the new Notice and what it means. We will look at what can and cannot be self-corrected, what records the employer should maintain, and questions that still exist even under the Notice.

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