IRS Correction Rules for Retirement Plans: Plan Administration, Remediation of Noncompliance
IRS Self-Correction Program, IRS and DOL Areas of Focus, Excessive Payments, Delinquent 401(k) Loans, Spousal/Survivor Rights
Note: CPE credit is not offered on this program
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will provide employee benefits counsel, plan sponsors, and administrators guidance on identifying critical retirement plan issues and correction methods. The panel will discuss IRS self-correction rules and procedures and the primary focus areas of IRS and DOL examinations and audits. The panel will address fiduciary liability and risks stemming from excessive payments to retirement plans, delinquent 401(k) loans, spousal/survivor rights under ERISA, and other challenges.
Outline
- IRS and DOL key areas of focus
- Recognizing plan document defects
- Remedying compliance issues to avoid liability and penalties
- IRS self-correction rules; effective administrative procedures and corrective actions
Benefits
The panel will review these and other key issues:
- IRS self-correction rules
- Identifying current areas of IRS and DOL focus
- Recognizing plan document defects
- Addressing and correcting areas of noncompliance
- Determining employee eligibility and compensation
- Making timely payments of deferral contributions
- Minimizing audit risks
Faculty
Mark E. Bokert
Partner/Co-Chair
Davis + Gilbert
Mr. Bokert is co-chair of the firm's Benefits + Compensation Practice Group. His practice encompasses nearly all... | Read More
Mr. Bokert is co-chair of the firm's Benefits + Compensation Practice Group. His practice encompasses nearly all aspects of executive compensation and employee benefits, including matters related to equity plans, deferred compensation plans, phantom equity plans, qualified retirement plans and welfare plans. He has extensive experience in Section 409A and deferred compensation arrangements. He has extensive experience in counseling plan committees on their fiduciary responsibilities under ERISA.
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Carol V. Calhoun
Counsel
Venable
Ms. Calhoun is a member of the firm’s Employee Benefits and Executive Compensation practice. She has more... | Read More
Ms. Calhoun is a member of the firm’s Employee Benefits and Executive Compensation practice. She has more than 30 years of private practice experience with employee benefits and insurance product taxation matters, including qualified retirement plans, health and welfare arrangements, executive compensation, and insurance and annuity products. She has significant experience with standard pension plans, the full array of government plans, excess benefit plans, 401(k), cafeteria/flexible spending, and a wide variety of welfare plans. Her clients include states, localities, and international organizations regarding their benefit plans.
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Jeffries M. Hamilton
Attorney
Frost Brown Todd
Mr. Hamilton concentrates his practice in the area of employee benefits law. He has over 20 years of experience... | Read More
Mr. Hamilton concentrates his practice in the area of employee benefits law. He has over 20 years of experience navigating the complexities of ERISA and the Internal Revenue Code, including drafting plan documents, amendments, summaries and notices, reviewing agreements and contracts with third party administrators and vendors, and performing employee benefit due diligence for mergers and acquisitions. Mr. Hamilton has represented clients under audit by the Internal Revenue Service and the Department of Labor and has completed numerous retirement plan corrections. He has obtained funding waivers for defined benefit pension plans and helped clients respond to reportable event inquiries from the Pension Benefit Guaranty Corporation. Mr. Hamilton has advised clients on issues related to multi-employer union pension plans, including plan audits and withdrawal liability. He has a special focus on employee benefits for tax exempt and nonprofit employers such as hospitals, schools, churches and church-related organizations, and other charitable organizations. Mr. Hamilton has in-depth, practical experience dealing with the rules and requirements that apply to Code § 403(b) and 457 plans sponsored by tax-exempt employers.
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