The SECURE Act:

The SECURE 2.0 Act of 2022, was signed into law on December 29, 2022 as Division T of the Consolidated Appropriations Act, 2023. It builds on the changes made by the SECURE Act of 2019. SECURE stands for Setting Every Community Up for Retirement Enhancement. The SECURE 2.0 Act made changes designed to encourage employees to contribute to their employers' 401(k) or 403(b) plans. These changes allow employers to offer small financial incentives to employees who choose to participate in these retirement savings arrangements. See the following for a summary of the provisions of this Bill and how it impacts you here. 
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​Voluntary Fiduciary Correction Program (VFCP):
The VFCP is designed to encourage employers to voluntarily comply with the Employee Retirement Income Security Act (ERISA) by self-correcting certain violations of the law. Many workers can benefit from the VFCP as a result of the increased retirement security associated with the restoration of plan assets and payment of additional benefits. It also will help plan officials understand the law. (read more)
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Delinquent Filer Voluntary Compliance Program (DFVCP):

​The Delinquent Filer Voluntary Compliance Program (DFVCP) is designed to encourage voluntary compliance with the annual reporting requirements under the Employee Retirement Income Security Act (ERISA). The DFVCP gives delinquent plan administrators a way to avoid potentially higher civil penalty assessments by satisfying the program’s requirements and voluntarily paying a reduced penalty amount. (read more) 

Voluntary Correction Program (VCP): 

​Correcting your plan mistakes through VCP preserves the plan’s tax-favored status. Retirement plans that are not tax-favored or “qualified” have significant costs that directly affect the plan, its participants and your business. A tax-favored retirement plan (401(k) or other qualified plan, 403(b), SEP or SIMPLE IRA) generally loses its tax-favored status if “failures” occur. (read more)

Employee Plans Compliance Resolution System (Rev. Proc. 2021-30):

​This revenue procedure updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of § 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code (the “Code”), but that have not met these requirements for a period of time. This system, the Employee Plans Compliance Resolution System (“EPCRS”), permits Plan Sponsors to correct these failures and thereby continue to provide their employees with retirement benefits on a tax-favored basis. (read more)