The Internal Revenue Service and the Department of Labor offer various compliance correction programs to help plan sponsors avoid significant penalties for non-compliance. Trucker Huss has prepared numerous correction program submissions since the inception of these programs and we often must negotiate any applicable penalty or creative correction methodology with the IRS or DOL. This experience gives us a unique understanding of the correction process.
The various correction programs include:
- The Employee Plans Compliance Resolution System (EPCRS): This IRS program allows plan sponsors of most retirement plans to correct operational and plan document failures.
- The Voluntary Fiduciary Correction Program (VFC): This DOL program allows a plan fiduciary who has breached his or her fiduciary duty to correct certain breaches and avoid substantial penalties.
- The Delinquent Filer Voluntary Compliance Program (DFVC): This DOL program allows plan sponsors to submit delinquent required annual reports on Form 5500 for substantially reduced fees (when compared to the potential penalties for late filing).
If you'd like to know more
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GISUE MEHDI and MARY E. POWELL, December, 2018 The Employee Retirement Income Security Act (ERISA) gives participants and beneficiaries the right to have plan benefit denials reviewed in federal court. The court reviews a plan claims administrator’s benefit denial decision as “de novo” (looking at the facts anew and reaching its own decision, with no […]READ MORE
- 2019 Pension Plan Limitation Highlights
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