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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    ERISA

Date & Time
  • event Date

    Wednesday, August 16, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will provide employee benefits counsel, plan sponsors, and administrators an in-depth analysis of the new rules for retirement plan corrections under the SECURE 2.0 Act of 2022 (“SECURE 2.0”). The panel will also discuss the primary areas of focus of IRS and DOL examinations and audits, and how to identify and correct critical retirement plan compliance issues.

Faculty

Lois W. Colbert
Partner
Kilpatrick Townsend & Stockton LLP

Ms. Colbert is the leader of the Employee Benefits Practice Group of Kilpatrick Townsend. She engages in a comprehensive employee benefits practice with concentration in the areas of deferred compensation (including 409A compliance), retirement plan qualification (including drafting and obtaining Internal Revenue Service determination letters on tax-qualified status), equity compensation, fiduciary responsibility, prohibited transactions (including obtaining Department of Labor exemptions) and negotiation of employee benefit aspects of business transactions.

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R. Sterling Perkinson
Partner
Kilpatrick Townsend & Stockton LLP

Mr. Perkinson focuses his practice on employee benefits and executive compensation. He collaborates with plan sponsors, fiduciaries and plan service providers to help them achieve their objectives while reducing their risk.

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Description

ERISA counsel and advisers must understand IRS and DOL enforcement and audit procedures and identify audit risks and options to remedy noncompliance through available self-correction and other programs before they become an issue under audit.

SECURE 2.0 makes fundamental changes to the IRS correction program for retirement plans, including significantly expanding the self-correction program and imposing new rules for recovery of overpayments. Notice 2023-43 clarifies the scope of the expanded self-correction program and the Employee Plans Compliance Resolution System (EPCRS) in light of the SECURE 2.0 changes for employer retirement plans and IRAs.

Listen as our panel of experts discusses current IRS and DOL focus areas, new and expanded IRS self-correction rules, new overpayment correction rules, and critical retirement plan compliance issues and available correction methods.

Outline

  1. IRS and DOL key areas of focus
  2. SECURE 2.0 expansion of self-correction
    • Notice 2023-43
    • Automatic contribution arrangements
  3. SECURE 2.0 overpayment recovery rules
    • Revisions to IRS overpayment correction rules
    • Participant protections
  4. Recognizing and correcting plan document defects
  5. Other programs for correcting compliance issues

Benefits

The panel will review these and other key issues:

  • Expansion of IRS self-correction rules and Notice 2023-43
  • Overpayment recovery and correction rules under SECURE 2.0
  • Identifying current areas of IRS and DOL focus
  • Recognizing plan document defects
  • Other programs for correcting noncompliance for retirement plans