Secure an Employee Plan’s Future by Proactively Self-Correcting

Retirement plan sponsors can take advantage of new and expanded self-correction remedies under the Employee Plans Compliance Resolution System even before the IRS releases updated guidance on it pursuant to “SECURE 2.0,” the Setting Every Community Up for Retirement Enhancement Act of 2022.

SECURE 2.0 made sweeping changes to employer-sponsored retirement plans. These changes include, among others, increasing the age for required monthly distributions beginning January 1, 2023, allowing for student loan contributions to be eligible for employer matching contributions beginning on January 1, 2024, and requiring the eligibility of employees who work 500 hours or more a week in ...