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IRS Expands Its Plan Correction Program with Two New Revenue Procedures (PDF)
Groom Law Group Link to more items from this source
[Guidance Overview]
July 13, 2015
"[T]hese new procedures [1] provide additional flexibility for correcting automatic enrollment and elective deferral failures (including automatic escalation failures), [2] provide reduced filing fees for loan and minimum required distribution corrections, [3] provide helpful clarification that plan overpayments may, in certain circumstances, be corrected via a plan amendment or without having to seek repayment from the participant, [4] extend the self-correction period for repeated Code Sec. 415 violations, and [5] offer additional relief in other miscellaneous areas.... These new correction options are more favorable and cost-effective than prior preapproved correction methods, and therefore plan sponsors should remember to incorporate these new correction options into their arsenal for addressing plan operational failures going forward."

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