New IRS Guidance for Correcting Overpayments Under EPCRS: Reconciling SECURE 2.0, Rollovers, Plan Amendments
Note: CPE credit is not offered on this program
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will provide employee benefits counsel a detailed analysis of recent IRS guidance for correcting overpayments and key challenges for plan sponsors and administrators. The panel will discuss the definition of "eligible inadvertent failure" under the current rules, reconciling SECURE 2.0 with the Employee Plans Compliance Resolution System's (EPCRS), treatment for rollovers, and potential plan amendments in light of recent IRS guidance.
Outline
- IRS and DOL key areas of focus
- Notice 2024-77
- Notice 2023-43
- Recognizing plan document defects
- Remedying compliance issues to avoid liability and penalties
Benefits
The panel will discuss these and other key issues:
- Notice 2024-77 and correcting overpayments under EPCRS
- Reconciling SECURE 2.0 with EPCRS
- Notice 2023-43 and IRS self-correction rules
- Identifying current areas of IRS and DOL focus
- Recognizing plan document defects
- Addressing and correcting areas of noncompliance
- Minimizing audit risks and remaining challenges amid Notice 2024-77
Faculty
Deborah L. Grace
Member
Dickinson Wright
Ms. Grace counsels private companies and equity funds on the benefit plan implications of business acquisitions and... | Read More
Ms. Grace counsels private companies and equity funds on the benefit plan implications of business acquisitions and dispositions, including due diligence review and advising on the integration of benefit programs based on the structure of the business deal. Her experience includes advising non-US entities on the unique tax rules that require separate legal entities under common control to be treated as one employer for US non-discrimination rules. Ms. Grace has counselled clients on how to correct retirement plan administration errors, including late transfer of deferrals and failure to timely amend plan documents. She has extensive experience in advising plan sponsors on the design, implementation, and administration of various types of retirement plans, including 401(k), profit sharing, defined benefit, ESOP, 403(b), and 457 plans, and advises investment committees on their ERISA fiduciary responsibilities with respect to these plans. Ms. Grace also advises companies on the design, implementation and administration of insured and self-insured medical plans, dental plans, life insurance, disability, and cafeteria plans, including pre-tax premium plans and flexible spending account plans, and compliance with the Affordable Care Act.
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Eric W. Gregory
Attorney
Dickinson Wright
Mr. Gregory’s practice is focused primarily in the areas of ERISA, employee benefits, and executive compensation.... | Read More
Mr. Gregory’s practice is focused primarily in the areas of ERISA, employee benefits, and executive compensation. He advises clients on all aspects of employee benefits including qualified retirement plans, welfare plans, and nonqualified compensation programs.
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Jordan Schreier
Member and Employee Benefits Practice Group Co-Chair
Dickinson Wright
Mr. Schreier represents clients primarily in the area of ERISA, employee benefits and compensation.... | Read More
Mr. Schreier represents clients primarily in the area of ERISA, employee benefits and compensation. His practice primarily involves advising profit and nonprofit employers on planning and compliance issues involving all aspects of employee benefits, including welfare benefits, qualified retirement and other deferred compensation plans. Mr. Schreier's experience includes counseling on executive compensation programs, controlled group planning, multiemployer benefits plans, consumer directed health care, ERISA reporting and disclosure issues, prohibited transactions, fiduciary compliance and best practices, flexible benefits, COBRA, FMLA, ADA, HIPAA and other benefits issues. He counsels employers on compliance with health care reform and serves as legal counsel to numerous pension and 401(k) investment and administrative committees.
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