Late deposit of employee contributions is a common ERISA violation that may involve small dollar amounts. The Voluntary Fiduciary Correction Program (VFCP), is being expanded to allow self-correction of late contributions without a formal filing, but there are important conditions to know about. Terry Moore discusses them in this post.
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SECURE 2.0 allows non-highly compensated employees to contribute to emergency savings accounts. The IRS and the Department of Labor have now issued guidance clarifying the rules.
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SECURE 2.0 expands the ability of plan sponsors to self-correct inadvertent plan errors without making a formal IRS filing. In Notice 2023-43, the IRS provides guidance to follow until a revised revenue procedure can be issued.
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