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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 (ASPAA) recently studied over 3,000 plans and found that nearly half of them failed the top-heavy test. Whether 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—and potentially without fees or penalties under the right circumstances.
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