Correcting 403(b) Plan Errors
General Business
November 08, 2011
by
Pamela Branshaw, CPA, CEBS, Thomas Krieg, CPA, Robert Buss, Jr.
Robert Buss, Jr.
Executive Director of Benefit Services
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Having gone through the process of their first required financial statement audit of their 403(b) plans last year, many 403(b) plan sponsors have been confronted with errors in the operation of their plan discovered during the audit, and they are now wondering how to correct these errors without jeopardizing the tax-favored status of their plan. The following is a general discussion of which errors may be corrected and how they may be corrected utilizing Internal Revenue Service (“IRS”) guidelines and correction programs.
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Length: 2 pages (PDF 89 kB)