New Self-Correction Rules Encourage Retirement Plan Sponsorship

Shanney-Saborsky, Regina
June 2000
Journal of Financial Planning;Jun2000, Vol. 13 Issue 6, p40
Academic Journal
This article discusses the self-correction rules issued by the U.S. Internal Revenue Service (IRS) which encourage retirement plan sponsorship. The agency released technical guidance to provide clarification concerning the requirements applicable to qualified plans. The new revenue procedure also clarifies several of the provisions of the prior procedures applicable to self-correction and apples the self-corrective mechanisms to annuity plans subject to Section 403(b) of the Internal Revenue Code as well as qualified plans subject to Section 401 (a).


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