IRS eases correction methods for common 401(k)/403(b) plan failures

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By Milliman Employee Benefits Research Group | 13 April 2015
The IRS released guidance that will allow sponsors of 401(k) and 403(b) plans to easily correct two common administrative errors without first having to obtain approval from the agency. Revenue Procedure 2015-28 modifies and improves the Employee Plans Compliance Resolution System by providing a new safe harbor relating to automatic contribution features and a separate new special safe harbor correction method for faulty elective deferrals that occur over a period of limited duration.