This week, the IRS issued proposed regulations regarding the use of forfeitures in qualified retirement plans, including 401(k) plans. The proposed regulations include a deadline for the use of forfeitures in defined contribution plans and clarify the purposes for which forfeitures can be used in a defined contribution plan. The regulations ...
Congress issued guidance on correction of plan errors through SECURE 2.0. The source of the guidance was unexpected, as guidance on plan administration has typically been left to the purview of the IRS. Section 301 of the Act addresses correction of plan overpayments and amends sections of both ERISA and the Code. These additions codify the ...
The IRS issued Notice 2022-53 last Friday to give qualified plan beneficiaries relief from 2021 and 2022 excise tax penalties due to noncompliance with certain provisions of the required minimum distribution (“RMD”) rules. Determining when a participant or beneficiary is required to make a distribution under IRS guidance, and in ...