30Rock Posted July 10, 2024 Posted July 10, 2024 Does anyone know if SECURE 2.0 made changes to EPCRS that can now apply to governmental and non-governmental 457b plans? Thanks!
Peter Gulia Posted July 10, 2024 Posted July 10, 2024 For a governmental § 457(b) plan, a cure period and correction method have been in the statute since 1978: A plan which is established and maintained by an employer which is described in subsection (e)(1)(A) and which is administered in a manner which is inconsistent with the requirements of any of the preceding paragraphs shall be treated as not meeting the requirements of such paragraph as of the 1st plan year beginning more than 180 days after the date of notification by the Secretary of the inconsistency unless the employer corrects the inconsistency before the 1st day of such plan year. . . . . Internal Revenue Code of 1986 (26 U.S.C.) § 457(b) (flush language). https://uscode.house.gov/view.xhtml?req=(title:26%20section:457%20edition:prelim)%20OR%20(granuleid:USC-prelim-title26-section457)&f=treesort&edition=prelim&num=0&jumpTo=true Luke Bailey 1 Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com
30Rock Posted July 10, 2024 Author Posted July 10, 2024 Yes thank you. I thought I heard that additional changes were made by SECURE 2.0?
Carol V. Calhoun Posted July 12, 2024 Posted July 12, 2024 The only change made by SECURE 2.0 is that you don't need to contact participants to get the return of overpayments, or to notify them that the overpayment is not eligible for rollover. Luke Bailey 1 Employee benefits legal resource site The opinions of my postings are my own and do not necessarily represent my law firm's position, strategies, or opinions. The contents of my postings are offered for informational purposes only and should not be construed as legal advice. A visit to this board or an exchange of information through this board does not create an attorney-client relationship. You should consult directly with an attorney for individual advice regarding your particular situation. I am not your lawyer under any circumstances.
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