(Read time 1:49) In this edition of Tax Talk, we provide updates on critical compliance deadlines for defined contribution (DC) plans. The schedule provided below assumes your plan operates on a calendar year basis. December 1st, 2023 Various annual notices must be...
Safe Harbor
Safe Harbor for corrections of employee elective deferral failures
Under current law, plans with automatic enrollment and automatic escalation features could be subject to significant penalties for mistakenly missing a deferral contribution for an employee. New rules eliminate the penalty for this mistake if the following conditions...