Skip to main content

New Ways to Self-Correct Overpayments Under EPCRS

On July 16, 2021, IRS issued Revenue Procedure 2021-30 to update the Employee Plans Compliance Resolutions System (the “EPCRS”).  The update in part expands the opportunities for plan sponsors to self-correct failures under the EPCRS by:  (1) extending the self-correction period from two to three years; (2) expanding the ability for plan sponsors to correct […]

| 2 min read | Tagged: , ,

New Year, New Age: the SECURE Act Increases the Required Minimum Distribution Age to 72

On December 20, 2019, President Trump signed the Further Consolidated Appropriations Act, 2020, a spending bill that includes the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”).  The SECURE Act initially passed the House in May, as discussed in our S&W Benefits Blog “The SECURE Act – A Primer on […]

Making a List, Checking it Twice – 2017

It’s that time of year when boys and girls start making their lists for the holidays, but we in the employee benefits world make a very different kind of list.  In the rapidly changing world of employee benefits and executive compensation law, checklists can be particularly helpful to make sure important issues do not fall […]


IRS Announces Changes to Determination Letter Process for Individually Designed Retirement Plans

In Announcement 2015-19, the IRS announced the elimination of the five year remedial amendment cycle for individually designed retirement plans effective as of January 1, 2017.  This means that after January 1, 2017, individually designed retirement plans will no longer be eligible to receive favorable determination letters every five years.  The Announcement leaves the current […]

| 2 min read | Tagged: , , ,

Electronic Self-Certification for Hardship Distributions is Not Sufficient

In its April 1, 2015 Employee Plans News, the IRS stated that defined contribution plan sponsors must maintain hardship distribution records and that plan sponsors cannot rely on electronic participant self-certification for hardship distributions. The IRS indicated that plan sponsors should keep the following: Documentation of the hardship request, review and approval; Financial information that […]


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 […]


IRS Announces 2015 Cost-of-Living Adjustments for Retirement Plans

The IRS recently announced cost of living adjustments for 2015.  The key dollar amounts for retirement plans (compared to the 2014 dollar limits) are noted below. Maximum Qualified Retirement Plan   Dollar Limits 2015 2014 Limit   on Section 401(k) deferrals (Section 402(g)) $18,000 $17,500 Dollar   limitation for catch-up contributions (Section 414(v)(2)(B)(i)) $6,000 $5,500 […]


401(k) Plan Fiduciaries – Have you thought about your continued offering of the PIMCO Total Return Fund?

The abrupt departure of Bill Gross from PIMCO leaves many investors pondering their next move.  Should an investor stay the course and see how PIMCO’s new investment team performs?  Should an investor leave and follow Mr. Gross to Janus Funds?  Should an investor rush to find a new bond fund manager? These questions are particularly important […]

Of Counsel

IRS Issues Guidance on Longevity Annuities

The IRS recently issued guidance on the use of longevity annuities in defined contribution plans and IRAs.  These longevity annuities are known as “qualified longevity annuity contracts” or “QLACs.” A QLAC is a deferred annuity that begins at a specified age, but not later than age 85.  This type of annuity allows individuals to have […]


Pre-Approved Plan Sponsors are Starting to Contact Adopting Employers

Many employers adopt defined contribution retirement plans that have been pre-approved by the IRS.  Plan sponsors of pre-approved plans submit the plans to the IRS to obtain approval of whether the form of the plan meets the requirements of Internal Revenue Code Section 401.  These pre-approved plans are often referred to as “volume submitter plans” […]

Former Associate