• Skip to content
  • Skip to primary sidebar

Davis+Gilbert LLP

From our base in New York, we represent a diverse range of clients across the country and around the world.

  • People
  • Services
  • Emerging Issues
Insights + Events
bookmarkprintPDFShare>

Publication - June 7, 2022

Employee Relations Law Journal | Qualified Plan Mistakes Happen: What Plan Sponsors Do Next Is What Matters Most

The Internal Revenue Service (“IRS”) is very much aware that plan sponsors of tax-qualified retirement plans (such as 401(k) plans) make mistakes in plan administration. The types of mistakes are varied and numerous. For example, a plan sponsor may neglect to enroll an eligible employee in their 401(k) plan, apply the wrong deferral rate, use the wrong definition of compensation, or fail to timely deposit deferrals into the plan; and the list goes on and on. Plan mistakes (also called plan failures) are bound to occur due to the complexity of plan administration. Because to err in plan administration is human, the IRS created the Employee Plans Compliance Resolution System (“EPCRS”) to allow plan sponsors to fix certain plan failures and avoid the consequences of plan disqualification. Moreover, the IRS regularly updates its procedures, most recently on July 16, 2021, and plan managers should be encouraged to become familiar with the updated procedures.

Continue reading this article.Download

Primary Sidebar

Related People

  • Attorney Alan Hahn

    Alan Hahn

    Partner/Co-Chair

    Area Of Focus

    • Benefits + Compensation
    212 468 4832
    ahahn@dglaw.com
  • Attorney Mark Bokert

    Mark E. Bokert

    Partner/Co-Chair

    Area Of Focus

    • Benefits + Compensation
    212 468 4969
    mbokert@dglaw.com
  • Attorney William Szanzer

    William B. Szanzer

    Counsel

    Area Of Focus

    • Benefits + Compensation
    212 468 4923
    wszanzer@dglaw.com
  • View All

Related Services

  • Benefits + Compensation

Get the latest insights from Davis+Gilbert

Subscribe
  • Sitemap
  • Privacy Policy
  • Terms and Conditions
  • Accessibility Statement
  • About Us
  • Location
  • Subscribe
© 2025 Copyright Davis+Gilbert LLP. Attorney Advertising.
  • People
  • Services
  • Emerging Issues
  • Insights + Events
  • Culture + Community
  • Pro Bono + Corporate Social Responsibility
  • Careers
  • About Us
  • Subscribe
  • Location
This site uses cookies to store information on your device. These cookies either support essential functions of the site or are used to develop analytics regarding usage of our site. Click Accept to continue using the site with our recommended settings or click Decline to disable non-essential cookies.AcceptDecline