Part of our ongoing series providing a more in-depth analysis of certain employee benefit provisions of SECURE Act 2.0
As noted in our client alert dated December 27, 2022, the U.S. SECURE Act 2.0 makes significant changes for correcting certain tax-qualified plan defects. The purpose of this alert is to do a deeper dive regarding the following changes that are effective immediately:
(1) Plan fiduciaries are no longer required to seek recovery of overpayments in certain circumstances.
(2) SECURE 2.0 expands the Employee Plans Compliance Resolution System (EPCRS) to allow for self-correction in a broader array of situations.