On February 24, 2023, the Federal Register announced changes to the 2023 Form 5500. One significant change was in the method for determining which employee benefit plans will require an audit for 2023.
Too often, we find participant loans that were never set up in payroll or where payroll withholding of repayments ceased prematurely, resulting in defaulted participant loans. For calendar year-end plans, plan sponsors have until March 31 of the following year to correct the failed set up of a participant loan.
The changes to 401(k) plans brought on by the SECURE Act, signed into law in December 2019, may have been lost in the chaos of [...]
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