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Correcting Elective Deferral Failures: who, what, when, where and why?

  • 28 Jan 2021
  • 10:00 AM - 11:40 AM (PST)


  • A member of any chapter of the WP&BC in good standing.

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Correcting Elective Deferral Failures:

who, what, when, where and why?


Thursday, January 28, 2021

10:00 am  to 11:45 pm PST


  Our Presentation:

Managing the 401(k), 403(b) and 457 deferral elections has transformed retirement plan administration from an annual event to an every-payroll affair. For each payroll period, employers, payroll administrators and plan administrators have to effect new participant elections, changes in elections and cancellations of elections. The chances for even a well-administered plan to make mistakes is significant. The costs for correction, not to mention the potential for plan disqualification, can be significant if the plan isn’t corrected quickly. Fortunately, the IRS has provided methods to correct such failures. Recently, the IRS has added less expensive safe harbor correction methods. Unfortunately, the IRS retained the old correction methods and provided little explanation for how the two sets of rules interface. In this webcast, we will explain (with examples) the two sets of rules and how and when you use the rules. Please join us for answers on how to correct your elective deferral failures. 

  • 50% vs. 25% QNEC Correction
  • Match Correction
  • Brief Exclusion Rule
  • Safe Harbor 401(k) Plan Correction
  • Correction of Elective Deferrals for bonuses

Our Speaker:


President, Forbes Retirement Plan Consulting

Stephen is an ERISA attorney and educator with 34 years of experience practicing and teaching in the retirement plan area. Recently, Mr. Forbes received ASPPA’s 2019 Educators Award. Stephen was vice president of SunGard in charge of Relius Education. He teaches seminars, conferences and webcasts on retirement plan compliance, design and correction. He also has drafted plan, 403(b), 457(b), 409A and IRA documents. Mr. Forbes was the author of “The Form 5500 Filing Guide” and the co-author of “The Pension Library.” Mr. Forbes was a Tax Law Specialist at the IRS National Office (Employee Plans Division) where he trained IRS employees, wrote IRS Notices and Revenue Rulings and participated in several Treasury regulations committees. 

 Continuing Education:

  • 2 CE for AIF (pending)
  • 2 CE for CEBS
  • 2 CECs for ERPA 
  • 2 CECs for JBEA
  • 2 CPEs for ASPPA certifications
  • 2 CECs for NIPA certifications
  • 2 hours for California CPAs 
  • 1.75 hours of California MCLE
  • 2 CECs for CRPS (pending)

  Early bird Cost: $65 for members, $90 for non-members. 

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