Case Study

Resolution of Pension and 401(k) Plan Errors Under IRS Self-Correction Program

Image

A Fortune 100 manufacturing firm sponsored three retirement plans for its union employee population: a pension plan, a 401(k) for pension-eligible employees and a 401(k) for non-pension-eligible employees. The manufacturer realized that pension-eligible employees who were terminated, but then won reinstatement of their employment through a union grief claim, were not always properly restored to the pension plan.