mjf06241972 Posted January 18, 2022 Posted January 18, 2022 What is the penalty for a client that has not funded their safe harbor match yet for 2020? Thank you.
Lou S. Posted January 18, 2022 Posted January 18, 2022 You'll need to make the missed safe harbor match along with lost earnings. You need to correct under EPCRS. I'm not sure if you can self correct this failure in the 2 year window or not or if you need a VCP submission. Failure to correct is a plan qualification issue. Luke Bailey 1
Luke Bailey Posted January 20, 2022 Posted January 20, 2022 This should qualify for the two-year window. The qualification defect is operational error of not following plan document. Luke Bailey Senior Counsel Clark Hill PLC 214-651-4572 (O) | LBailey@clarkhill.com 2600 Dallas Parkway Suite 600 Frisco, TX 75034
30Rock Posted January 20, 2022 Posted January 20, 2022 I think the window is now 3 years? Luke Bailey 1
Luke Bailey Posted January 20, 2022 Posted January 20, 2022 Yes. You're right, 30Rock. Thank you. Luke Bailey Senior Counsel Clark Hill PLC 214-651-4572 (O) | LBailey@clarkhill.com 2600 Dallas Parkway Suite 600 Frisco, TX 75034
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