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Common mistakes that happen in retirement plans, how to use the IRS’s correction programs to correct the mistake and how to reduce the probability of it happening again.
- Fix-it guides
Fix common mistakes in a 401(k), SEP, SIMPLE IRA, or 403(b) plan - Employee Plans Compliance Resolution System (EPCRS) overview
- Self-correction Program overview
- Voluntary Correction Program overview
403(b)
- 403(b) plans with operational failures
Available correction methods may depend on when the failure occurred. - Correcting a failure to adopt a written 403(b) plan
What to do if the plan sponsor missed the December 31, 2009, deadline
Contributions/elective deferrals
- Failure to Implement employee deferral elections
How to fix a failure to implement an employee's election to defer amounts to a 401(k) plan. - Failure to limit contributions for a participant
How to fix a failure to limit contributions for a participant.
Designated Roth contributions
- Common Roth contribution mistakes
In the operation of a Roth feature, sometimes the employer doesn’t follow the employee’s election as to the type of elective deferral.
Distributions
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Failure to timely start minimum distributions
How to fix a failure to timely start minimum distributions. -
Hardship distributions in a 401(k) plan
How to fix hardship distributions from a 401(k) plan that do not satisfy the plan provisions.
Loans
- Plan loan failures and deemed distributions
How to fix the problems associated with plan loan failures and deemed distributions.
Safe harbor 401(k) plans
- Failure to provide a safe harbor 401(k) plan notice
How to fix the problem of failure to provide a safe harbor 401(k) plan notice.
Self-correction
- Using a Plan Amendment for Correction in the Self-Correction Program
When can a plan amendment be used to correct a mistake in the operation of the plan under the Self-Correction Program?
Spousal consent
- Failure to obtain spousal consent
How to fix a failure to obtain spousal consent when a distribution is made to a participant in the form other than the required qualified joint and survivor annuity.
Terminating plans
- Using EPCRS to Terminate an orphan plan
How to use EPCRS to terminate an orphan plan.
Top-heavy errors
- Top-heavy errors in defined contribution plans
How to fix top-heavy errors in defined contribution plans.
Vesting
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Vesting errors in defined contribution plans
How to fix vesting errors in defined contribution plans.
Related
- Fix-it guides for retirement plans
- Correcting plan errors