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ARTICLE · 11 AUGUST 2023

Mistakes Happen: Common 401(k) Plan Errors And How To Fix Them

Bass, Berry & Sims PLC
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As David and Will explain, "typical 401(k) plans fall under the regulatory authority of both the IRS and the DOL.

United StatesEmployment and HR
David A. Thornton
David A. Thornton
William T. Gebo
William T. Gebo

In an article for the Tennessee CPA Journal, Bass, Berry & Sims attorneys David Thornton and Will Gebo outline common 401(k) plan errors and how to stay compliant with the myriad sources governing compliance with qualified retirement plans. In the article, the authors summarize the voluntary correction programs administered by the Internal Revenue Service (IRS) and the Department of Labor (DOL), identify the most common 401(k) plan errors and outline the corresponding correction methods, and recommend best practices to help safeguard against the occurrence of future plan errors.

As David and Will explain, "typical 401(k) plans fall under the regulatory authority of both the IRS and the DOL. Both agencies have established programs to encourage plan sponsors and administrators to make voluntary and timely corrections of common plan errors." The IRS has the Employee Plans Compliance Resolution System (EPCRS) and the DOL has the Voluntary Fiduciary Correction Program

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