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

Note: CLE credit is not offered on this program

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


Conducted on Tuesday, March 23, 2021

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide employee benefit plan 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

Identifying an operational error during the plan audit is usually only the first step. As a valued service provider, your client generally will request your help to correct operational failures identified during the audit. To be able to appropriately guide them through the correction and to keep the plan in compliance, you must stay on top of the IRS's and DOL's ever-changing rules and regulations and understand the available options to correct mistakes once they are discovered.

To appropriately assess risk in the audit and help correct identified errors, employee benefit plan auditors and advisers must understand the most prevalent errors and have familiarity with the government's compliance programs. Our panel will explain how you can provide additional value to your client by helping identify and correct errors in their retirement plan operations--before an IRS audit or DOL investigation occurs.

Our panel will elaborate on the available options to fix plan errors. The panel's insights will help you identify common errors and effectively collaborate with service providers, potentially including ERISA counsel, to present the client with the available correction options for their consideration. The program will help you gain an understanding of different types of corrective actions under the IRS's Employee Plans Compliance Resolution System (EPCRS) and the DOL's Delinquent Filer Voluntary Compliance (DFVC) and Voluntary Fiduciary Correction (VFC) programs.

Listen as our panel offers insights based on real world experience for remedying high risk mistakes commonly identified during benefit plan audits. The panel will also outline approaches to correct plan errors before an audit or after a filing.

READ MORE

Outline

  1. Correction programs
    1. DOL
      1. Voluntary Fiduciary Correction Program
      2. Delinquent Filer Voluntary Compliance Program
    2. IRS
      1. Employee Plans Compliance Resolution System
      2. Self-Correction Program
      3. Voluntary Correction Program
      4. Other
  2. Errors
    1. Common plan operation errors
    2. Other errors
  3. How to fix common errors
  4. Best practices

Benefits

The panel will review these and other key issues:

  • Selecting the best correction option available through the IRS EPCRS
  • Effectively making use of the DOL's DFVC and VFC programs
  • Anticipating and tackling potential program pitfalls
  • Best practices for preventing or detecting common errors

Faculty

Barrow, Kathleen
Kathleen R. Barrow

Partner
Fox Rothschild

Ms. Barrow has nearly three decades of experience helping employers correct tax and fiduciary issues with payroll,...  |  Read More

Ciminera, Christopher
Christopher Ciminera, CPA, QKA

Principal, Accounting & Auditing
Belfint Lyons & Shuman

Mr. Ciminera is a member of the firm’s Employee Benefit Plan niche in the accounting and auditing services...  |  Read More

Access Anytime, Anywhere

CPE credit is not available on downloads.

Download