Treasury, IRS Update Retirement Plan Correction Program, Create IRA Version, PLANADVISER
2026年10月23日PLANADVISER quoted partner Claire Rowland in an article discussing two revenue procedures announced by the US Treasury Department and the Internal Revenue Service (IRS) updating the correction program for employer-sponsored retirement plans and creating a new correction program for individual retirement accounts.
“For employers that are sponsoring 401(k) and 403(b) and tax qualified retirement plans, the most important practical consequence is that this will provide plan sponsors with broader opportunities to correct retirement plan compliance failures themselves without first obtaining advanced IRS approval or paying a voluntary correction program user fee,” says Claire.
Claire further noted that “these corrections will be especially meaningful for sponsors who discover administrative failures, whether it be during compliance testing, internal auditing or transitioning through recordkeepers.”