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The Pension Source
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Distributions Processor - Qualified Retirement Plans Anchor 3(16) Fiduciary Solutions, LLC
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DWC ERISA Consultants LLC
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Nova 401(k) Associates
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BPAS
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EPIC RPS
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BPAS
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Merkley Retirement Consultants
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Compensation Strategies Group, Ltd.
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Defined Benefit Specialist II or III Nova 401(k) Associates
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Retirement Combo Plan Administrator Heritage Pension Advisors, Inc.
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July Business Services
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Both Employers and Participants Benefit from New IRS Guidance on Correcting Inadvertent Benefit Overpayments
Dickinson Wright 
[Guidance Overview] Dec. 23, 2024 "[New] Code Section 414(aa) relieves a plan from potential disqualification if the plan fiduciary fails to obtain repayment from any participant or other party on account of any inadvertent benefit overpayment by a plan. ... Code Section 402(c)(12) provides that any inadvertent overpayment under Code Section 414(aa) will be treated as an eligible rollover distribution. If the plan requests repayment of the inadvertent overpayment, then any amount returned to the plan will be treated as an eligible rollover distribution." MORE >> |
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