Retirement plan errors – How to prevent and correct errors in 2016
You are invited to join us for an upcoming webcast – November 17, 2015 noon - 2:00 p.m. (ET) Retirement Plan Errors – How to Prevent and Correct Errors in 2016.
Joe Rankin, Partner in Plante Moran’s Employee Benefits Consulting group, will be one of three thought leaders presenting at the webcast sponsored by the Knowledge Group, LLC. Joe will be joined by Sherrie Boutwell, Partner, Boutwell Fay LLP and Shane Stroud, Special Counsel, Cadwalader, Wickersham & Taft LLP.
Registration is available at a significantly discounted rate of $25 (non-CPE option) courtesy of Plante Moran.
Webcast synopsis
Today, there are more rules and regulations than anyone would ever have imagined in 1980. Tied to these rules and regulations are costlier penalties and lawsuits that require a great deal of vigilance.
The IRS recently issued important updates to its Employee Plans Compliance Resolution System (EPCRS). EPCRS allows sponsors and administrators of tax qualified retirement and certain other plans (Section 403(b) and governmental 457(b) plans) to correct certain plan document and operational errors and thereby retain their tax advantages.
Other changes include conditionally expanding eligibility for reduced Voluntary Correction Program (VCP) filing fees; exempting plan sponsors from having to file determination letter applications when correction is by plan amendment; and extending the period for adopting corrective plan amendments in certain situations. Overall the changes are helpful and provide some flexibility in structuring corrections and reduce the administrative burden of doing so.
In light of the changes to the EPCRS program, plan sponsors should be aware that failure to correct known plan qualification errors will result in higher sanctions if the errors are identified in an IRS examination.
In this two hour, live webcast, the panel of distinguished professionals and thought leaders, assembled by The Knowledge Group, will review and discuss retirement plan errors under EPCRS. This interactive course will offer the audience advice on how to prevent and correct errors in 2016. The panel will also provide the audience with best practices in correcting and preventing possible retirement plan errors.
Key topics include:
- Employee Plans Compliance Resolution System (EPCRS), as amended
- Voluntary Fiduciary Correction Program (VFCP)
- Self-Correction Program (SCP)
- Audit Closing Agreement Program (Audit CAP)
- Identifying retirement plan errors
- Identifying significant and insignificant failure
- Corrections of retirement plan errors
- Corrections of over-payment errors
- Lower filing fee for plan loan errors
- Impacts and implications to plan sponsors
- Compliance and litigation risks
- Best practices
