News & Analysis as of

Voluntary Correction Program

Bricker Graydon LLP

Did Your Auditors Find an Error During Your Plan Audit?

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It is the first week of summer, even though in Ohio the smoldering heat has made it feel like summer for weeks now. Summer reminds many of us of pool days, eating watermelon and corn on the cob, Fourth of July fireworks, and...more

Bricker Graydon LLP

Too Little, Too Late? Plan Contribution Timing Requirements and How to Correct Delays

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One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is...more

Woods Rogers

They’re Back: IRS Announces Phase 2.0 of Pre-Audit Compliance Pilot

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On February 7, 2024, the IRS announced it has started the second phase of the Pre-Examination Retirement Plan Compliance Program pilot. (IRS Employee Plans News, February 7, 2024) Original Program Pilot - The initial...more

Faegre Drinker Biddle & Reath LLP

IRS Announces Phase 2 of Pre-Examination Compliance Pilot Program

Recently, the IRS announced phase two of its expansion of the Pre-Examination Compliance Pilot Program. Under the pilot program, an employer may limit or entirely avoid an impending IRS audit if they promptly correct any...more

Proskauer - Employee Benefits & Executive...

Act Fast (If You Get the Letter)! IRS Pre-Examination Retirement Compliance Pilot Program is Extended

On February 7, 2024, the IRS announced the second phase of its Pre-Examination Retirement Compliance Program... Under this program, sponsors will be notified that their plan is selected for examination and will have 90 days...more

Kilpatrick

IRS Extends Pre-Audit Compliance Pilot Program

Kilpatrick on

The IRS announced on February 7, 2024, that it is moving into the second phase of its Pre-Examination Retirement Plan Compliance Program pilot, which is discussed in our prior blog post....more

Goodwin

A Practical Look at OIG’s New Compliance Guidance

Goodwin on

On November 6, 2023, for the first time in 15 years, HHS OIG issued a new reference guide for the health care compliance community – the General Compliance Program Guidance, or GCPG. While the GCPG does not set new legal...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - SECURE 2.0 Act Relief for Plan Corrections

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses eligible inadvertent failures that may be self-corrected under SECURE 2.0 Act and limitations on self-correction. ...more

Bricker Graydon LLP

Why Time is of the Essence More than Ever in Correcting Retirement Plan Errors

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Errors in retirement plans happen even to the most well-intentioned plan sponsors. Several decades ago, the IRS published the first version of the Employee Plans Compliance Resolution Program (EPCRS), which outlines...more

BCLP

NOW is the Time to Review and Correct Retirement Plan Compliance: IRS Notice 2023-43

BCLP on

There has never been a better time for plan sponsors to prioritize reviewing and self-correcting eligible plan failures. SECURE 2.0, attached to the 2022 year-end Consolidated Appropriations Act, expands retirement savings...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The cost for more self-correction

Years ago, any volume submitter plan or non-standardized prototype plan would apply for its own determination letter from the Internal Revenue Service (IRS). Then one day, the IRS tried to cut back on their agent’s workload...more

McGuireWoods LLP

IRS Issues Interim Guidance Under Expanded EPCRS

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Recently, the IRS released Notice 2023-43, providing interim guidance on Section 305 of the SECURE 2.0 Act of 2022, which expanded the Employee Plans Compliance Resolution System (EPCRS), the system through which plan...more

Morgan Lewis - ML Benefits

New IRS Q&A Regarding EPCRS Expansion Answers Some – But Not All – Questions

The Internal Revenue Service (IRS) released Notice 2023-43 (Notice) on May 25, which provided guidance regarding the expansion of the IRS’s Employee Plans Compliance Resolution System (EPCRS) mandated by Section 305 of the...more

Jackson Lewis P.C.

The IRS Starts the Summer with a Splash: New Guidance for Self-Correction

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As discussed in an earlier blog post, the SECURE 2.0 Act of 2022 (the Act) expanded the Employee Plans Compliance Resolution System (EPCRS), a comprehensive IRS program for correcting common qualified retirement plan...more

Stinson LLP

Justice Department Updates Self-Disclosure Policy; Deputy AG Announces Further Requirements

Stinson LLP on

On February 22, 2023, the Department of Justice (DOJ) announced an update of its Voluntary Self-Disclosure Policy applicable to all United States Attorneys’ Offices in their prosecution decisions, effective immediately. The...more

Polsinelli

DOJ Announces New Nationwide Voluntary Self-Disclosure Policy

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On Wednesday, February 22, 2023, the Department of Justice (“DOJ”) released a new nationwide voluntary self-disclosure policy for corporate criminal enforcement. The policy codifies previous corporate enforcement guidance...more

Groom Law Group, Chartered

DOL Reopens Comment Period for Voluntary Fiduciary Correction Program Changes

The Department of Labor (“DOL”) recently announced (88 Fed. Reg. 9408, Feb. 14, 2023) that it will reopen the public comment period on proposed amendments to DOL’s Voluntary Fiduciary Correction Program (“VFCP”) and its...more

Locke Lord LLP

Proposed Changes to Voluntary Fiduciary Correction Program (VFCP): DOL Adds Self-‎Correction for Late Deposits of 401(k)...

Locke Lord LLP on

In November 2022, the U.S. Department of Labor (DOL) proposed changes to its Voluntary Fiduciary Correction Program (VFCP). VFCP allows plan sponsors to voluntarily correct certain fiduciary breaches to avoid civil...more

Kilpatrick

SECURE 2.0 Upends IRS Correction Procedure

Kilpatrick on

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) is one of the most significant pieces of retirement plan legislation in many years. (See our high level summary of SECURE 2.0 at link.) Among other things, SECURE 2.0 brings sweeping...more

Alston & Bird

California Dreaming No More: California’s Voluntary Compliance Program May Finally Be a Reality

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Though the key word here is may, it seems California may soon adopt an unclaimed property voluntary compliance program. Our Unclaimed Property Team investigates how the provisions of AB 2280 could affect holders that have...more

Kerr Russell

IRS Pilot Program Provides 401(K) Plans Rare Pre-Audit Notice And Correction Window

Kerr Russell on

It is often too late to correct 401(k) plan document or operation errors once an audit letter is received without incurring significant penalties from the IRS....more

Holland & Hart - The Benefits Dial

Old MacDonald Had a Farm…EIN Confusion?

The trusts maintained to hold assets of ERISA plans are separate tax entities from the employers sponsoring the plans. Therefore, each is required to have its own federal tax ID number. Knowing when and where to use whose EIN...more

Faegre Drinker Biddle & Reath LLP

IRS Pilots Pre-Examination Compliance Program for Retirement Plans

In its recent June Employee Plans newsletter, the Internal Revenue Service (IRS) announced the launch of a 90-day pre-examination compliance pilot program. Under the program, the IRS will notify a plan sponsor that its...more

Snell & Wilmer

A Running Start: IRS Pilots New Pre-Examination Program

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The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022. The pilot program is designed to reduce the amount of time and...more

Groom Law Group, Chartered

The IRS’s New Pre-Examination Pilot Program – Key Features and Questions

Earlier this month, the IRS announced a new pilot program under which retirement plan sponsors will be given 90-days notice that their plan has been selected for examination which they may be able to largely avoid by taking...more

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