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OnDemand Webinar

The Most Common Mistakes Made by Qualified Plan Sponsors and How to Fix Them

Most employers sponsor qualified retirement plans. The requirements to maintain a retirement planís qualified status are complex and constantly changing. It is difficult for most employers to know the current state of these rules and how they intertwine with an employerís payroll, accounting, HRIS and operational systems. Unfortunately, given the drastic consequences for failing to operate a retirement plan in accordance with its terms and the law, employers are required to understand these rules and quickly take steps to correct any inadvertent operational errors.

Fortunately, the Internal Revenue Service has established three correction programs that allow employers to correct errors in the administration of their retirement plans. These programs, part of the Employee Plans Compliance Resolution System (EPCRS), enable employers to voluntarily correct defects and avoid or mitigate costly IRS penalties. This on-demand webinar explains the EPCRS program and the advantages, disadvantages and risks associated with each correction option. In addition, the on-demand webinar will walk through common examples of operational errors and the recommended correction of these errors. This program is critical for employers so they can ensure their retirement plans avoid costly IRS penalties and potential class action litigation.

Learning Objectives:

  • You will be able to identify tax benefits.
  • You will be able to review common operational errors.
  • You will be able to discuss consequences of operational errors.
  • You will be able to explain employee plans compliance resolution system.

Runtime: 92 minutes
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Why Lorman?

Over 30 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

Overview of Qualified Retirement Plans

  • Tax Benefits
  • Requirements
  • Qualified as to Form and Operation

Operational Defects

  • Common Operational Errors
  • Consequences of Operational Errors

Employee Plans Compliance Resolution System

  • Introduction
  • Self-Correction
  • Voluntary Compliance Program
  • Audit Cap
  • Examples
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More Program Information

Why Lorman?

Over 30 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

No credit available.

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Why Lorman?

Over 30 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

John E. Schembari

John E. Schembari

Kutak Rock LLP

  • Partner in the Omaha office of Kutak Rock LLP
  • Practice emphasizes all aspects of employee benefits and executive compensation
  • Conducts regular seminars and workshops across the country on employee benefits matters
  • Writer of numerous articles, client alerts and other publications available at www.kutakrock.com
  • Since 2007, selected by peers for Best Lawyers in America in Employee Benefits Law, selected 2012 Omaha Best Lawyer of the Year for Employee Benefits, one of only two lawyers in Nebraska selected by Chambers and Partners as a Leading ERISA Lawyer and achieved the highest rating with the Martindale-Hubbell Law Directory
  • Graduate, magna cum laude, Boston University School of Law; graduate, magna cum laude, Marquette University
  • Can be contacted at 402-231-8886 or [email protected]
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Why Lorman?

Over 30 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: 391981
Published 2013
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