The American Society of Pension Professionals & Actuaries and the Council of Independent 401(k) Recordkeepers wrote a letter to the U.S. Treasury Department asking for enhancements to the Employee Plans Compliance Resolution System (EPCRS) to encourage companies to include automatic enrollment provisions in their plans.
In the letter, ASPPA and CIKR said that they appreciate the Internal Revenue Service's efforts to continue to increase the standard corrections available under the EPCRS program.
The IRS had requested comments on the latest version of the program regarding methods to correct the failure to implement automatic enrollment with respect to elective deferrals in a 401(k) plan that has an automatic enrollment provision…but where no amounts were withheld from the compensation of an employee who made no election.
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