NIPA News: Pitfalls of Auto-Enrollment. Like a new shiny toy, when auto-enrollment is implemented by 401k and 403b plan sponsors and their providers, a lot of attention is paid. But after the initial implementation, mistakes can be made as attention wanes.
“It’s not a matter of whether mistakes will be made [with auto-enrollment], it’s a matter of when,” states FIS VP Robert Richter attending NIPA’s national conference in Las Vegas. As a result, the IRS has introduced a forgiveness program that plan sponsors can use to remedy issues until 2020.
Hear from attorney Richter, a long time ERISA specialist, about this IRS program as well as pitfalls that unfortunately come with auto-enrollment.