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January 13, 2013

IRS Correction Procedures Addresses Correction for Failure to Adopt Written Plan for a 403(b)


” The IRS released Revenue Procedure 2013-12 on December 31, 2012, which includes correction procedures for 403(b) Plans. Prior to the release of Revenue Procedure 2013-12, no guidance was available on how to correct certain failures that occur within a 403(b) plan. The following focuses on the correction procedure for failure to adopt a written plan by the deadline, which was included in Revenue Procedure 2013-12. ”

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