In today's episode, we talk about new opportunities from the IRS to self-correct plan participant loan errors, which previously were the fourth most common error found in the IRS's more complex Voluntary Correction ...
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Resources
ESOP Distributions: Problems To Avoid
Any ESOP attorney or consultant can tell you that ESOP distributions can be the most complex and challenging area of ESOP design and administration. As discussed in detail in our articles Designing And Drafting ESOPs[1], and Avoiding ERISA Liability ...
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Switching Record-Keepers? Avoid Common Pitfalls
Plan sponsors seriously disadvantage themselves and their plan participants by announcing the migration of their plan from one record-keeper to a new record-keeper before all the conditions for a smooth transition have been fulfilled.
There are ...
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Public Employer Plans: Giving Employees Benefit Choices Can Lead To Problems
When our public agency clients negotiate with their collectively bargained employees, both sides strive to make the most of limited compensation and benefits dollars. Sometimes the parties believe they can create greater value by letting the ...
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M&A Due Diligence: Retirement Plan Eligibility Mistakes That Can Surface in Transactions
As part of M&A due diligence we review for plan eligibility errors, one of the IRS's noted top 10 most common retirement plan errors submitted to its Voluntary Correction Program. According to the IRS, this mistake most often surfaces as a result ...
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No Fooling: New Rules For An SBA-Guaranteed ESOP Loan Took Effect April 1
The changes that the Main Street Employee Ownership Act made to the Small Business Administration's lending rules for ESOP transactions are now in effect. The revised rule makes an SBA-guaranteed ESOP loan potentially more attractive for sellers who ...
[Read more] about No Fooling: New Rules For An SBA-Guaranteed ESOP Loan Took Effect April 1