Employee Benefit Plan Voluntary Correction Programs: Fixing Costly Errors and Preserving Tax Benefits

Leveraging Available IRS and DOL Programs to Proactively Address Plan Mistakes and Minimize Penalties

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, March 1, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide employee benefits auditors with best practices and the proper procedures to remedy serious and costly (but all too common) benefit plan errors through available IRS and DOL retirement plan correction programs. The panel will explain the processes and potential pitfalls that practitioners often encounter in correcting plan mistakes and outline how to address these issues based on real-world experiences.

Description

Proficiency in auditing benefit plans requires not only staying on top of the IRS and DOL ever-changing rules and regulations, but a good understanding of available options to correct plan problems or mistakes once they are discovered.

Employee benefit plan auditors and advisers must understand the most prevalent errors to anticipate and avoid, as well as have familiarity with the government’s compliance programs. Our panel will explain how you can help your clients avoid steep penalties by identifying and voluntarily correcting problems with their retirement plans—before an IRS audit or DOL investigation occurs.

Our panel will drill-down on available options to fix plan errors. The panel’s insights will help you evaluate audit results to decide whether and when it is necessary to report issues to the DOL or IRS. You will gain an increased understanding of different types of corrective action under the IRS Employee Plans Compliance Resolution System (EPCRS) and the DOL’s Delinquent Filer Voluntary Compliance (DFVC) and Voluntary Fiduciary Correction (VFC) programs. Reporting professionals must also consider moving beyond available programs and customizing a correction method for voluntary compliance.

Listen as our panelists offer insights based on real world experience for remedying common high risk mistakes associated with benefit plan audits. The panel will also outline approaches to correct plan errors before an audit or after a filing.

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Outline

  1. Overview of benefit plan audits error correction programs
    1. Benefits
    2. Pitfalls
  2. Errors
    1. Common plan operation errors
    2. Other errors
  3. Correction programs
    1. DOL
      1. Voluntary Fiduciary Correction Program (VFCP)
        1. Procedures
        2. Benefits
        3. Pitfalls
      2. Delinquent Filer Voluntary Compliance Program (DFVCP)
        1. Procedures
        2. Benefits
        3. Pitfalls
    2. IRS
      1. Employee Plans Compliance Resolution System (EPCRS)
      2. Self-Correction Program (SCP)
      3. Voluntary Correction Program (VCP)
      4. Audit Closing Agreement Program (Audit CAP)
      5. Other
  4. Best practices

Benefits

The panel will review these and other key issues:

  • Determining when issues should be reported to the DOL or the IRS—and when reporting doesn’t make sense
  • Selecting the best correction option available through the IRS Employee Plans Compliance Resolution System (EPCRS)
  • Effectively making use of the DOL’s DFVC and VFC programs.
  • Anticipating and tackling potential program pitfalls

Faculty

Eric Ernest
Eric Ernest

Partner
McConnell & Jones

Mr. Ernest has more than 20 years of experience in auditing and accounting for a variety of industries and benefit plan...  |  Read More

Leon, Misty
Misty A. Leon

Atty
Wilkins Finston Friedman Law Group

Ms. Leon has over 11 years of experience in employee benefits and compensation matters faced by public and private...  |  Read More

Kelly Pointer
Kelly Pointer

Counsel
Seyfarth Shaw

Ms. Pointer provide clients with technical and practical advice on the administration of all types of employee benefit...  |  Read More

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$147