Archive for the ‘ERISA Accounting’ Category

Recently, the IRS posted clear and concise guidance to plan sponsors regarding their responsibility to maintain documentation supporting hardship distributions.  In short, the article on their website states “the plan sponsor must obtain and keep hardship distribution records.  Failure to have these records available for examination is a qualification failure that should be corrected using […]

IRS issues Rev. Proc 2015-28 to provide new safe harbor Employee Compliance Resolution System (“EPCRS”) correction methods relating to plans with automatic contribution features AND special safe harbor correction methods for plans (including plans with automatic contribution features) that have failures that are of limited duration and involve elective deferrals. These new methods are less […]