Plan Corrections Workshop: Self-Correction After SECURE 2.0

ASPPA [American Society of Pension Professionals & Actuaries]

Eligible inadvertent failures, insignificant failure corrections, new time limits for completing corrections, inadvertent benefit overpayments, documenting corrections, earnings calculations, etc. SECURE 2.0 created a whole new world for plan corrections, particularly when it comes to self-correction. Since practically all plans will confront mistakes and errors, it is necessary for plan practitioners to be familiar with plan correction principles. EPCRS provides correction procedures for some of the more common plan failures, but with other plan failures, the practitioner must design his/her own correction plan. In this workshop, we will not only explain the correction procedures, but also, using practical case studies, illustrate how to apply the correction methods to resolve the more common as well as the more difficult plan failures.

Learning Objectives:

• Identify eligible inadvertent failures
• Design a self-correction method for a failure for which EPCRS does not provide a correction method
• Calculate earnings for a corrective contribution
• Document properly a failure and correction method
• Determine the proper correction for an elective deferral failure (including at automatic enrollment failure)

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