Correcting Retirement Plan Compliance Issues under SECURE 2.0

Strafford

This CLE webinar will provide employee benefits counsel, plan sponsors, and administrators an in-depth analysis of the new rules for retirement plan corrections under the SECURE 2.0 Act of 2022 (“SECURE 2.0”). The panel will also discuss the primary areas of focus of IRS and DOL examinations and audits, and how to identify and correct critical retirement plan compliance issues.

Description

ERISA counsel and advisers must understand IRS and DOL enforcement and audit procedures and identify audit risks and options to remedy noncompliance through available self-correction and other programs before they become an issue under audit.

SECURE 2.0 makes fundamental changes to the IRS correction program for retirement plans, including significantly expanding the self-correction program and imposing new rules for recovery of overpayments. Notice 2023-43 clarifies the scope of the expanded self-correction program and the Employee Plans Compliance Resolution System (EPCRS) in light of the SECURE 2.0 changes for employer retirement plans and IRAs.

Listen as our panel of experts discusses current IRS and DOL focus areas, new and expanded IRS self-correction rules, new overpayment correction rules, and critical retirement plan compliance issues and available correction methods.

Outline

1. IRS and DOL key areas of focus
2. SECURE 2.0 expansion of self-correction
   • Notice 2023-43
   • Automatic contribution arrangements
3. SECURE 2.0 overpayment recovery rules
   • Revisions to IRS overpayment correction rules
   • Participant protections
4. Recognizing and correcting plan document defects
5. Other programs for correcting compliance issues

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