If the Deadline for Self-Correcting Retirement Plan Errors Is Indefinite, Why Do I Have to Hurry?

Section 305 of SECURE 2.0 added rules for self-correcting a new category of retirement plan errors under the Employee Plans Compliance Resolution System (“ECPRS”).   Specifically, Section 305 allows an “eligible inadvertent failure” to be self-corrected at any time, even if the error is considered a “significant” operational error under EPCRS. Section 305 provides that the …