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Credits

Sponsored by Lorman Education
Product ID: 407472EAU
 
Credit & Course Provided by:

Using Voluntary Correction Programs to Correct Common Health and Retirement Plan Errors

OnDemand Webinar (90 minutes)

Learn how to properly correct errors on your company's qualified retirement plans and minimize penalties.Although sponsors of employee benefit plans are all likely aware of the importance of maintaining their plans in compliance with applicable laws such as the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, they may not be aware of what to do when a mistake occurs regarding plan administration. Depending on the situation, one option may be to utilize a voluntary correction program offered by the Department of Labor or the Internal Revenue Service. This topic is intended to provide you with helpful and easy to use information regarding these programs so that in the event that you should ever need to utilize one, you know where to begin.

Authors

Gabrielle (Gabby) A. Hansen, Barran Liebman, LLP

Agenda

Introduction

• How Do Mistakes Happen?

• Identifying Plan Errors

• Correction Programs Available

Voluntary Correction Programs

• The IRS Employee Plans Correction Resolution System (EPCRS)

• The DOL Voluntary Fiduciary Correction Program (VFC)

• The Delinquent Filer Voluntary Compliance (DVFC) Program

Examples

• Common 401(k) Plan Errors