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IRS Expands Self-Correction Program for Fixing Retirement Plan Errors
Mercer 
May 3, 2019 "A bill modeled on last year's Retirement Security and Savings Act (S 3781) ... would expand SCP by: [1] Allowing sponsors to self-correct 'any inadvertent failure' to comply with the rules for qualified and 403(b) plans, unless IRS or Treasury identifies the error before the sponsor implements self-correction. [2] Requiring DOL to treat any plan loan failure corrected under SCP as satisfying VFCP requirements. [3] Allowing sponsors to self-correct missed required minimum distributions within 180 days of the date the distribution was due." MORE >> |
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