As retirement plan rules have become more and more complex and regulatory scrutiny has increased, it has become common for companies to experience operational and other problems with their retirement plans. The JULY ERISA Consulting Team has the expertise to help employers navigate through the options to correct problems.
Below are some common problems faced by employers with their plans.
Failure to Timely Amend Plan Documents
Failure to Follow the Plan Document
The Internal Revenue Service (IRS) and Employee Benefits Security Administration (EBSA) both offer cost-effective, plan correction programs to allow employers to correct mistakes and protect participant benefits. Below is a listing of these programs:
Self-Correction Program (SCP) – Available to correct insignificant plan problems.
Voluntary Correction Program (VCP) – Available to correct specific types of plan problems. The employer files an application, pays a fee, and corrects the problem.
Delinquent Filer Voluntary Compliance Program (DFVCP) – Available to allow employers to catch-up on late filings of IRS Form 5500.
Voluntary Fiduciary Correction Program (VFCP) – Allows employers to correct certain fiduciary-related transactions or problems.
Troubled Plan Services
JULY offers comprehensive plan correction services and has the experience to help with most plan problems. Below is an overview of the correction process.
Our ERISA Consulting team will walk you through the process. Our service includes evaluating the most cost-effective correction option, communicating with regulatory agencies, calculating contributions and agency fees, and drafting required documents.
Mutual Fund Companies
July Business Services is a national retirement plan services...