Correcting Retirement Plan Compliance Issues Under SECURE 2.0
Recording of a 90-minute CLE video webinar with Q&A
This CLE webinar will provide employee benefits counsel, plan sponsors, and administrators an in-depth analysis of the new rules for retirement plan corrections under the SECURE 2.0 Act of 2022 (SECURE 2.0). The panel will also discuss primary areas of focus of IRS and DOL examinations and audits and how to identify and correct critical retirement plan compliance issues.
Outline
- IRS and DOL key areas of focus
- Missing participants
- Late contributions
- Cybersecurity
- SECURE 2.0 expansion of IRS self-correction
- Notice 2023-43
- Automatic contribution arrangements
- SECURE 2.0 overpayment recovery rules
- Revisions to IRS overpayment correction rules
- Participant protections
- Recognizing and self-correcting common plan operational failures
- Improperly applying the plan's definition of compensation
- Employee missed deferral opportunities
- Hardship and loan provision failures
- Other operational failures
- Other programs for correcting compliance issues
- IRS Voluntary Correction Program
- DOL Voluntary Fiduciary Correction Program
Benefits
The panel will review these and other key issues:
- Expansion of IRS self-correction programs and Notice 2023-43
- Overpayment recovery and correction rules under SECURE 2.0
- Identifying current areas of IRS and DOL focus
- Recognizing plan qualification features
- Other programs for correcting noncompliance for retirement plans and plan sponsors
Faculty
Wesley H. Covert
Partner
Laner Muchin
Mr. Covert joined Laner Muchin in 2008 as an associate and has been a partner at the firm since 2014. He... | Read More
Mr. Covert joined Laner Muchin in 2008 as an associate and has been a partner at the firm since 2014. He concentrates his practice on employee benefit plan compliance and offers practical advice to provide beneficial outcomes for his clients. Mr. Covert represents a number of Taft-Hartley, multi-employer plans, plan fiduciaries, contributing employers and employer associations in various matters including plan design and compliance, audits, fiduciary responsibility and corporate governance. His experience with a myriad of benefit issues equips him to offer his clients practical solutions in this ever-changing, complex area of the law. Mr. Covert also counsels single employers in various industries as to compliance with various federal laws, especially ERISA and the Affordable Care Act. He also regularly guides clients through the correction programs available through the IRS and DOL and has extensive experience working with regulatory agencies during benefit plan audits. In Illinois, Mr. Covert advises governmental clients on various state and municipal pension matters, PSEBA and other benefit matters.
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Jay E. Jensen
Attorney
Proskauer Rose
Mr. Jensen is an associate in the Labor Department and a member of the Employee Benefits & Executive... | Read More
Mr. Jensen is an associate in the Labor Department and a member of the Employee Benefits & Executive Compensation Group. His practice focuses on the design, compliance, and administration of single employer and multiemployer pension and welfare plans. Mr. Jensen helps plan sponsors navigate plan mergers, spin-offs, and terminations, obtain determination letters and compliance statements from the Internal Revenue Service, and implement trust and custodial agreements and other plan-related contracts.
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Jennifer Rigterink
Senior Counsel
Proskauer Rose
Ms. Rigterink is a special employee benefits counsel in the Labor Department and a member of the Employee Benefits... | Read More
Ms. Rigterink is a special employee benefits counsel in the Labor Department and a member of the Employee Benefits & Executive Compensation Group. In the employee benefits area, her practice focuses on an array of tax and benefits issues impacting both multiemployer and single-employer benefit plans and plan fiduciaries. Ms. Rigterink assists clients on matters pertaining to plan administration, design and qualification, as well as regulatory, legislative and legal compliance.
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