Employee Benefits Blog

IRS Clarifies SECURE Act Changes to Qualified Automatic Contribution Arrangements

The IRS recently published Notice 2020-86 (the “Notice”), which provides clarification with respect to certain changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”). In particular, the Notice answers several outstanding questions related to the maximum default deferral rate for qualified automatic contribution arrangements. As previously reported […]

December 12, 2020 | 2 min read | Tagged: automatic contribution, IRS, Notice 2020-86, qaca, qualified automatic contribution arrangement, SECURE, treasury

Matthew P. Chiarello Partner

IRS Provides Relief for Correction of Elective Deferral Mistakes in 401(k) Plans

The IRS recently announced changes that make it significantly easier to correct employee deferral mistakes (also known as elective deferrals) in qualified retirement plans. The changes make modifications to the IRS’ Employee Plans Compliance Resolution System (“EPCRS”), which is the IRS’ comprehensive correction program for qualified retirement plans. Automatic Enrollment Correction Relief If a qualified […]

April 10, 2015 | 3 min read | Tagged: 401(k), 401(k) plan, automatic contribution, automatic enrollment, correction, elective deferral error, EPCRS, qualified retirement plans

Anne M. Meyer Partner