IRS Revises EPCRS Program Making Certain Errors Easy and Less Costly to Correct

On April 19, 2019, the IRS released Revenue Procedure 2019-19 expanding the self-correction program and making it more liberal and cost-effective for plan sponsors to correct mistakes. This new EPCRS guidance supersedes Revenue Procedure 2018-52. The IRS Employee Plans Compliance Resolution System (EPCRS) allows businesses or organizations that sponsor a retirement plan to find and […]

401(k) and 403(b) Plan Compensation: Common Errors with Examples

A frequent challenge encountered with many 401(k) and 403(b) plans is the treatment of compensation for purposes of employee and employer contributions. In fact, one the most common errors found during Department of Labor (DOL) and Internal Revenue Service (IRS) audits in retirement plans is—yes, you guessed it right—compensation error. Plan compensation has plethora of […]

Upcoming 403(b) Plan Document Restatement Deadline

Friendly Reminder: Upcoming 403(b) Plan Document Restatement Deadline January 2019 With a couple of caveats, 403(b) nonprofit plan sponsors must establish and maintain their plans in accordance with written documents that satisfy the requirements of Treasury Regulation Section (Treas. Reg.-) 1.403(b)-3(b)(3). These documents must also be up-to-date on all current law changes. As such, it […]