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ARTICLE · 20 MARCH 2014

IRS Issues More Guidance On 457(b) Plan Corrections

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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The IRS provided guidance on what formal voluntary corrections it will accept from 457(b) plan sponsors that discover their plans are not in compliance.

United StatesEmployment and HR
Ann Fievet
Ann Fievet
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In a recent edition of its Employee Plans News publication, the IRS provided further guidance on what formal voluntary corrections it will accept from 457(b) plan sponsors that discover their plans are not in compliance with Internal Revenue Code requirements. The guidance, released on the IRS website on March 4, 2014, clarifies that (1) the IRS will not accept submissions for corrections that involve errors in the "form" of a written 457(b) plan; and (2) governmental 457(b) plan sponsors will often not have to submit a formal correction with the IRS for failures to comply with Code § 457(b), given the expansive self-correction provisions built into Code § 457(b) and related Treasury regulations.

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