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401k › Benefit Plan Sponsors › Voluntary Correction Program

Bricker Graydon LLP

Did Your Auditors Find an Error During Your Plan Audit?

Bricker Graydon LLP on

It is the first week of summer, even though in Ohio the smoldering heat has made it feel like summer for weeks now. Summer reminds many of us of pool days, eating watermelon and corn on the cob, Fourth of July fireworks, and...more

Buchalter

EPCRS Provides More Retirement Plan Self-Correction Opportunities  

Buchalter on

On July 16, 2021 the IRS issued Revenue Procedure 2021-30, which modifies and supersedes Revenue Procedure 2019-19, expanding the Employee Plans Compliance Resolution System (“EPCRS”). EPCRS is a program for correcting...more

Sullivan & Worcester

Voluntary Compliance Program – What You Need to Know

Sullivan & Worcester on

We want to share with you some recent informal developments from the Internal Revenue Service that could be concerning for sponsors of retirement plans. VCP Rumors – A report recently emerged that the IRS is considering a...more

Holland & Hart - The Benefits Dial

Every bond you break, every step you take, I’ll be watching you . . . Plan operational failures can also result in a fiduciary...

Holland & Hart - The Benefits Dial on

Plan sponsors are typically aware that operational errors threaten a retirement plan’s qualified status under the Internal Revenue Code if they remain uncorrected. What may come as a surprise, however, is that operational...more

Faegre Drinker Biddle & Reath LLP

IRS Announces Limited Expansion of the Determination Letter Program for Individually Designed Plans

Faegre Drinker Biddle & Reath LLP on

Since the end of the IRS’s cyclical determination letter program for individually designed retirement plans in 2017, plan sponsors have been able to request favorable determination letters for individually designed plans only...more

Jackson Lewis P.C.

THEY’RE HEEEEERRRREE!! But Have No Fear – Long Awaited Changes To EPCRS Are Good News For Plan Sponsors

Jackson Lewis P.C. on

Long on the wish list of practitioners and plan sponsors alike, self-correction of certain common plan document issues and loan failures is finally an option under the Internal Revenue Service’s Employee Plans Compliance...more

Verrill

Revenue Procedure 2019-19: Enhancements to EPCRS are Great News for Plan Sponsors

Verrill on

Newly published Revenue Procedure 2019-19 modifies and supersedes prior IRS guidance regarding the Employee Plans Compliance Resolution System (EPCRS) to allow plan sponsors to self-correct an expanded number of problems that...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Out of the box only causes trouble

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

This is Spinal Tap has the great line that “there is a fine line between being clever and stupid.” The same can be said with plan provisions that are what I call: “out of the box.” I call it out of the box because it reminds...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When I don’t get the gig

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

When I’m contacted by a plan sponsor needs help, I usually quote a flat fee and 9 out of 10 times, I’ll get the client. Price is rarely the reason why a potential client won’t hire me. Here is usually one reason why I don’t...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The easiest mistake most 401(k) plan sponsors make

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

The road to hell is paved with good intentions and that’s how I feel when it comes sometimes to what a 401(k) plan sponsor does. Yet, there is an error that too many 401(k) plan sponsors do that the Department of Labor (DOL)...more

Fisher Phillips

Is There An Elephant In The Room?

Fisher Phillips on

401(k) Plan documents can read like Russian novels. They are often long and difficult to understand, so it’s no surprise that administrative errors in operating such plans happen frequently. Common errors include omitting or...more

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