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IRS Issues Interim Guidance on \Inadvertent Benefit Overpayments\
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IRS Issues Interim Guidance on \Inadvertent Benefit Overpayments\
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IRS Issues Interim Guidance on \Inadvertent Benefit Overpayments\
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Journal Article
IRS Issues Interim Guidance on \Inadvertent Benefit Overpayments\
2025
Overview
[...]the relief generally permits a qualified plan to allow participants to retain inadvertent benefit overpayments without the employer needing to make a corrective payment to the plan (or adopt a plan amendment). [...]certain overpayments are treated as eligible rollover distributions, so that amounts placed in an individual retirement account (IRA) or another qualified plan can remain there. [...]this Notice does not impact the plan sponsor's obligation to make contributions to a plan to meet the minimum funding standards under Code Sections 412 and 430 or to prevent or restore an impermissible forfeiture in accordance with Code Section 411. [...]the plan sponsor must still observe any limitations imposed on it by Code Sections 401(a)(17) and 415, and the plan may enforce these limitations using any method approved by the Secretary of Treasury for recouping benefits previously paid or allocations previously made in excess of the limitations. [...]the following provisions of EPCRS are modified or are no longer applicable with respect to an inadvertent benefit overpayment: * Definition of Overpayment. [...]subject to the exception described in Q&A-6 of the Notice: * If an inadvertent benefit payment is rolled over from an originating plan to a second plan and recoupment of all or a portion of the inadvertent benefit payment is sought, then the amount that is sought and transferred back to the originating plan is treated both as an eligible rollover distribution from the originating plan and as an eligible rollover distribution transferred back to the originating plan. * The portion of an inadvertent benefit overpayment for which recoupment is sought that is not returned to the originating plan is not treated as an eligible rollover distribution.
Publisher
Aspen Publishers, Inc
Subject
