IRS eases pain for correcting certain plan administration errors
Abstract: The IRS acknowledges that retirement plan administrators aren’t infallible, and provides correction for certain administrative errors. Most recently, it reduced certain penalties and extended certain deadlines for fixing specified mistakes. This article reviews the recent updates as to how the IRS and DOL will handle certain plan errors. A sidebar lists conditions under which the IRS will forgo imposing a penalty for failing to process participant 401(k) plan deferrals.