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Journal Article
PLAN CORRECTIONS
2023
Overview
Among the more welcome provisions were those related to repairing plan errors, including: (1) an expansion of plan sponsors' ability to self-correct plan errors under the Internal Revenue Service (IRS) Employee Plans Compliance Resolutions System (EPCRS); (2) acceptance of loan self-correction as correcting any prohibited transaction issues under the Department of Labor (DOL) Voluntary Fiduciary Correction Program (VFCP); (3) permanent continuation of a safe harbor method for correcting certain deferral failures under EPCRS; and (4) changes to the fiduciary requirements for correcting plan overpayments. [...]recovery is not required from a plan fiduciary, unless the fiduciary's breach of duty caused the overpayment. Limits on Recovering Overpayments The new law imposes limits on a plan's ability to seek recovery of overpayments from participants or beneficiaries who were not culpable in the overpayment, if the plan seeks to so do: * No interest or other additional amounts (for example, collection fees) may be sought. * If the plan seeks to recover the overpayment by reducing future annuity payments, (i) the reduction must stop after the overpayment is recovered; (ii) no more than 10 percent of the overpayment may be recovered in any calendar year; and (iii) annuity payments cannot be reduced below 90 percent of their regular amount. * Efforts to recoup overpayments cannot be made by threats of litigation or through a collection agency, unless certain requirements are met. * Overpayments to a participant cannot be recouped from the participant's beneficiaries. * Recoupment of overpayments cannot be sought if the first overpayment occurred more than three years before the participant is first notified in writing of the error, except in the case of fraud or misrepresentation by the participant. * Participants from whom recoupment is sought must be entitled to contest the recoupment through appropriate claims procedures.
Publisher
Aspen Publishers, Inc
Subject
