Qualified Plan Errors: Identification and Correction, Recent IRS and DOL Guidance, Avoiding Audits, Correction Methods

Note: CPE credit is not offered on this program

A live 90-minute premium CLE video webinar with interactive Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Wednesday, July 6, 2022 (in 6 days)

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

or call 1-800-926-7926

This CLE course will discuss the most common errors and how to correct them under the IRS and DOL correction programs: the Employee Plan Compliance Resolution System (EPCRS) and the Voluntary Fiduciary Compliance Program (VFCP).

Description

The IRS and DOL continue their heightened scrutiny of retirement plans. Plan audits typically reveal noncompliance issues that can result in substantial penalties for employers. ERISA counsel and advisers must understand IRS and DOL enforcement and audit procedures and identify audit risks and steps to remedy noncompliance through available self-correction programs or other options.

Significant compliance risks stem from the failure to recognize plan document defects, a specific area of focus during an IRS audit of a retirement plan. In 2021, the IRS enhanced its plan correction programs to permit employers additional ways to self-correct operational failures. Also, the DOL has focused, and continues to focus, on timely deposits of employee deferral contributions.

Compliance risks include, among others, failure to deposit deferral amounts due to improper exclusion, use of an incorrect definition of compensation, universal availability errors, failure to observe a participant's election, late deferral deposits, insufficient required minimum distributions, and more. Companies risk exposure to government penalties and sanctions, such as disallowing deductions for employer contributions and plan disqualification.

Listen as our panel of specialists discusses current IRS and DOL focus areas, correcting noncompliance, and mitigating audit risks.

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Outline

  1. IRS and DOL critical areas of focus
  2. Identifying plan document defects
  3. Remedying compliance issues to avoid liability and penalties
  4. IRS self-correction rules; effective administrative procedures and corrective actions

Benefits

The panel will review these and other key issues:

  • IRS self-correction programs, rules, and challenges
  • 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

Bitseff, Tonie
Tonie L. Bitseff

Special Counsel
Buchalter

Ms. Bitseff is a member of the Corporate Law and Labor & Employment Practice Groups in the Firm’s Seattle...  |  Read More

Hurd, Maria
Maria Hurd, CPA, RPA

Director and Shareholder
Belfint Lyons & Shuman

Ms. Hurd is responsible for planning, supervising and reviewing audits of single and multi-employer benefit plans....  |  Read More

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You may pre-order a recording to listen at your convenience. Recordings are available 48 hours after the webinar. Strafford will process CLE credit for one person on each recording. All formats include course handouts.

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