On January 14, 2025, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released its long-awaited final rules regarding changes to the Voluntary Fiduciary Compliance Program (VFCP). The new...more
1/20/2025
/ Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
Fiduciary Duty ,
Final Rules ,
IRS ,
Retirement Plan ,
SECURE Act ,
Self-Correction Programs
Employers will have the opportunity to review and self-correct retirement plan failures upon being identified for plan examination by the Internal Revenue Service (IRS). The IRS announced in early June 2022 the rollout of a...more
The Internal Revenue Service (IRS) announced last year that it would end its staggered five-year remedial amendment cycle system for individually designed retirement plans under the determination letter program due to...more
4/8/2016
/ Benefit Plan Sponsors ,
Determination Letter ,
EPCRS ,
Exemptions ,
Financial Institutions ,
Internal Revenue Code (IRC) ,
Investment Company Act of 1940 ,
IRS ,
Plan Documents ,
Qualified Retirement Plans ,
Securities Act of 1933
The Internal Revenue Service (IRS) issued two rounds of guidance modifying the Employee Plans Compliance Resolution System (EPCRS). The IRS guidance gives employers greater flexibility in correcting relatively common...more
On December 31, 2012, as Times Square in New York was getting ready to drop the crystal ball, the Internal Revenue Service (IRS) dropped long-awaited guidance regarding retirement plan corrections in the form of Revenue...more