Legislation: Expanded Self-Correction Under SECURE 2.0

In the SECURE 2.0 Act of 2022, Congress took the unusual step of legislating changes to rules for how employee benefits plans can self-correct errors, something previously done only by regulation. SECURE Act 2.0 significantly expands the ability of plan sponsors to “self-correct” certain failures that may arise in the day-to-day operation and administration of retirement plans. The Administrative Procedure Regarding Self-Correction (APRSC) was created in January 1997 to provide a simpler procedure for correcting plan operation errors