It is not uncommon for employers with 401(k) plans to discover that a plan failure has occurred. For instance, the American Society of Pension Professionals and Actuaries (ASPPA) recently studied more than 3,000 plans and found that nearly half of them failed the top-heavy test.
Whether discovered via audit or some other review process, it can be unnerving to learn that a failure has occurred and to determine how to correct it. However, employers should understand that plan failures do happen and that they are resolvable—potentially without fees or penalties, under the right circumstances.
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