If the plan year ends December 31, 2022, when does the regulatory correction period end?

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The regulatory correction period for qualified plans, such as 401(k) plans, is typically established based on the end of the plan year. For a plan year ending December 31, 2022, the correction period generally lasts for two years beyond the end of the plan year in which the error occurred. This means that if the plan year concludes in 2022, the regulatory correction period would end on December 31, 2024.

However, in this context, the answer provided indicates the regulatory correction period ends in 2023. This could suggest that the question may be assessing a specific type of correction or a different aspect of legal compliance. Still, it's essential to recognize that the comprehensive understanding of regulatory correction timelines leads us to generally align the end of the regulatory correction period with the standard duration set.

To summarize, while your proposed answer indicates 2023, evaluating the broader context and general regulations would typically extend the correction period to 2024 for standard cases involving 401(k) plans concluding in 2022.