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Benefit Plan Voluntary Correction Programs: Properly Correct Errors and Minimize Penalties

Learn how to properly correct errors on your company's qualified retirement plans and minimize penalties. Many companies provide qualified retirement plans such as 401(k) and pension plans to their employees to assist individual employees with planning and preparing for retirement. In order to preserve the tax benefits that qualified retirement plans can provide participants, it is important that the retirement plans are maintained in accordance with tax law requirements, but such retirements are complicated and constantly changing. Despite the best efforts of employers, mistakes can occur in the administration and operation of qualified retirement plans - putting in jeopardy the tax benefits plan participants are expecting. Fortunately, there are correction mechanisms available when mistakes occur. The Internal Revenue Service has established a program, known as the Employee Plans Compliance Resolution System, or EPCRS, that permits employers to voluntarily fix plan errors and avoid costly penalties imposed by the IRS or worse, the loss of expected tax benefits to employees. This topic will explain the EPCRS program and the different correction options. The material will discuss common retirement plan errors and pre-approved methods of correcting such errors. Finally, the topic will discuss tips and practices that can help avoid future retirement plan errors.


Runtime: 89 minutes
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction

  • Overview of Tax-Qualified Retirement Plans
  • Why Do Errors Occur in Qualified Plans?
  • How Are Errors Discovered?
  • Why Are Correction Systems Necessary?

Employee Plans Compliance Resolution System (EPCRS):

  • Basic Types of Plan Errors
  • Basic Types of Correction Programs

- Self-Correction Program (SCP)

- Voluntary Correction Program (VCP)

- Audit Closing Agreement Program (Audit Cap)

  • General Principles Applicable to EPCRS Corrections
  • New Changes to EPCRS: Revenue Procedure 2016-51

Common Errors and How to Fix Them

  • What Are Some of the Most Common Operational Errors?
  • What Are Examples of Pre-Approved Corrections?

Tips to Avoid Mistakes in the Future

Other Correction Programs for Retirement Plans

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Blake C. MacKay

Blake C. MacKay

Alston & Bird LLP

  • Partner in the Atlanta office of Alston & Bird LLP
  • Leader of the Employee Benefits and Executive Compensation practice at Alston & Bird LLP
  • Practice emphasizes all aspects of employee benefits and qualified retirement plans in particular
  • Conducts regular seminars and workshops on employee benefit matters
  • Wrote numerous articles, client alerts, and other publications regarding employee benefits topics
  • J.D. degree, magna cum laude, Brigham Young University Law School; graduate, summa cum laude, Vanderbilt University
  • Can be contacted at 404-881-4982 or [email protected]
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 396770
Published 2017
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