Article suggests that it is not too late to fix arrangements if they are not yet vested.
Link From ComplianceWeek
"In most cases, an employer with a plan document failure can only report the violation, fix the problem so that it doesn’t affect any future deferrals, and possibly make a tax gross-up payment to an employee who gets hit with the tax, penalty, and interest for a violation. However, the authors note that employers may have a limited opportunity to correct errors for certain types of non-compliant plans that impose vesting conditions, such as severance arrangements."
Subscribe to:
Post Comments (Atom)
1 comment:
"Men do less than they ought, unless they do all they can." - Thomas Carlyle
Post a Comment