A new era for the administration of qualified plans

Article Abstract:

The IRS Employee Plans Compliance Resolution System (EPCRS) gives plan sponsors, consultants and advisors practical ways of voluntarily correcting their retirement plans. Effective on Sep 1, 1998, the EPCRS supports novel methodologies for administering plans. It allows plan sponsors to select from different IRS programs to correct an operational failure in a qualified plan. It also promotes the creation of guidelines to support the compliance of plans with tax qualification laws and entices the voluntary and timely correction of plan qualification failures by limiting fees. In addition, EPCRS characterizes three kinds of qualification failures, namely, plan document failures, demographic failures and operational failures.

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Negative elections spur positive retirement plan participation

Article Abstract:

The author discusses the positive results on employee retirement plan participation when automatic enrollment rules with a negative election option are used.

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Tough standards govern the hardship withdrawal rules

Article Abstract:

The author discusses the hardship withdrawal rules governing IRC sections 401(k) and 403(b) pension plans.

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