"To correct excess annual additions, the excess amount must be paid to the participant or forfeited, as applicable. Under prior guidance, the period for correcting this failure was two-and-a-half months after the end of the affected plan year. The new guidance greatly extends this period to nine-and-a-half months.... The IRS has significantly reduced the compliance fees in certain cases ... The IRS has provided new, less costly safe harbors to correct the failure to make employee deferral contributions[.]"  MORE >>