As the plan sponsor, it is your responsibility to oversee the plan operations and ensure compliance with all applicable laws, regulations and plan provisions. However, sometimes a breakdown in controls can occur and cause the Plan to not operate in accordance with your plan documents. If your team finds yourself in this situation, you may be wondering how you would go about correcting this issue. The IRS has a helpful “401(k) Plan Fix it Guide” that describes a variety of mistakes that may occur and how to find, fix and avoid the mistake going forward.
Link to Fix-it Guide: https://www.irs.gov/retirement-plans/401k-plan-fix-it-guide
