Retroactive Amendments to Qualified Retirement Plans Through EPCRS; NEW EPCRS E-Filing Requirements
Correcting Plan Documents Retroactively to Conform to Operations
A live 110-minute CPE webinar with interactive Q&A
This webinar will provide employee benefits advisers and auditors with an in-depth and practical guide to making retroactive amendments to qualified retirement plans to remedy noncompliant terms and plan errors. The panel will explain the limited circumstances in which the IRS prescribes retroactive correction of plan documents as appropriate correction, as well as the circumstances in which, based on past experience, the IRS may be willing to accept a proposed retroactive correction of plan documents to conform to the plan’s past operations. The panel’s discussion will include the processes and potential pitfalls that practitioners often encounter in making retroactive corrections. The panel will also discuss the Service's changes to the EPCRS program in Rev. Proc. 2018-52, particularly the migration to mandatory electronic submission.
- Overview of Employee Plans Compliance Resolution System (EPCRS) Voluntary Correction Program (VCP)
- Rev. Proc. 2018-52 new e-filing requirement
- Self-Correction Program (SCP)
- Voluntary Correction Program (VCP)
- Audit Closing Agreement Program (Audit CAP)
- Standards that plan sponsors must meet for IRS to approve retroactive plan correction
- Circumstances under which IRS will readily permit the plan sponsor to change plan documents to conform to plan operation
- Circumstances where IRS will consider permitting the plan sponsor to amend retroactively under appropriate circumstances
- Documenting an employer's intent and communications to employees and stakeholders
- History/pattern of operations
- Plan participants' understanding of plan operations even when operations deviated from operating documents
- Examples and illustrations
- IRS stated regarding "scrivener's error"
- Verizon and other ERISA cases involving retroactive correction of plan documents
The panel will review these and other key questions:
- Documenting sponsor and participants' understandings of plan benefits in circumstances sponsor wants to retroactively amend plan documents under a VCP submittal due to operational nonconformance with the written terms of the plan
- How the IRS differentiates situations involving "scrivener's error" from those in which plan operations deviated from plan documents and parties understood the plan's terms to be consistent with operation rather than document terms
- Similarities and differences in approaches to retroactive plan amendments between IRS and ERISA case law
- New IRS requirements under Rev. Proc. 2018-52 for electronic filing of all EPCRS submittals
Luke D. Bailey
Strasburger & Price
Mr. Bailey specializes in employee benefits law and executive compensation. He has extensive experience in the tax... | Read More
Mr. Bailey specializes in employee benefits law and executive compensation. He has extensive experience in the tax and fiduciary requirements of qualified retirement and other employee benefit and executive compensation plans of both private and public corporations and state and local governments. A significant portion of his practice consists of federal income tax compliance work for sponsors of governmental pension plans under IRC §414(d). His work in the executive compensation area includes the design, drafting, and provision of tax and legal advice concerning stock option plans, nonqualified deferred compensation, severance pay plans and arrangements, and executive employment agreements.Close
After spending over 15 years working as a tax and employee benefits consultant, primarily with a national accounting... | Read More
After spending over 15 years working as a tax and employee benefits consultant, primarily with a national accounting firm, Mr. Lucas joined the firm in 2001. Drawing on the wealth of experience and contacts that he has made in over 30 years in the field of employee benefits, Mr. Lucas is a “go-to” resource for complicated and arcane compliance matters for our firm and our clients.Close
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