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401(k) plans with automatic contribution features no longer need to make the 50% corrective contribution with respect to elective deferrals that were not properly made.
June 4 -
Employers who fail to remit timely participant contributions to a 401(k) plan on their Form 5500 are likely to receive a letter from the Employee Benefits Security Administration regarding the potential use of the Department of Labor's Voluntary Fiduciary Correction program. The letter informs employers that the failure to remit participant contributions, or the untimely remittance of participant contributions, violates ERISA. Such failure can result in significant civil penalties for the employer.
April 15 -
Two potentially significant issues that were immediately identified by employers about W-2 Form reporting under the health law were how small employers and retiree health care plans would be impacted.
April 8