Groom principal Elizabeth Thomas Dold was quoted by Tax Notes in the article, “Benefits Overpayment Guidance May Require More Labor,” where she identified questions left unanswered by the Internal Revenue Service (“IRS”) in guidance issued on inadvertent benefit overpayments.
Tax Notes reported that Dold said that “although the guidance (Notice 2024-77, 2024-45 IRB 1) doesn’t address the ERISA restrictions on recouping benefit overpayments, it does help plan sponsors ‘take appropriate corrective action to maintain the tax-qualified status of their plan, which is invaluable.’”
The platform further reported that, according to Dold, “the notice provides welcome initial guidance on the scope of relief by defining an inadvertent benefit overpayment and integrating existing EPCRS correction procedures in Rev. Proc. 2021-30, 2021-31 IRB 172.”
To read the article, click here.
