SECURE 2.0 Highlights: Corrections for Deferral Failures
Help clients navigate the latest IRS guidance on elective deferral failures and explore how Notice 2024-02 makes the safe harbor correction method permanent under SECURE 2.0. Learn how this impacts plan sponsors’ correction strategies and what advisors need to know when guiding clients through compliance.
- Clarifying Correction Eligibility: Help clients understand when missed deferral opportunities can be corrected without employer contributions under the now-permanent safe harbor method.
- Expanding Applicability: Advise clients that the correction relief now applies to both active and terminated participants, offering broader flexibility in plan administration.
- Meeting New Deadlines: Educate clients on the updated timing requirements for corrective matching contributions to ensure compliance with IRS expectations.
In this episode of our SECURE 2.0 Highlights video series, we illuminate the safe harbor correction for deferral failures and its application to post-2023 implementation errors. This is essential knowledge for employers who want to navigate the complexities of retirement plan management with precision and confidence.
For an in-depth understanding of the SECURE 2.0 Act, visit Ascensus' dedicated resource center.
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Ascensus offers comprehensive qualified and non-qualified retirement plan solutions, third-party retirement plan administration, 529 education and ABLE savings program administration, corporate- and bank-owned life insurance solutions, and fiduciary and total rewards services. The company’s brands include Ascensus; Newport, an Ascensus company; and FuturePlan by Ascensus.