Investment Professionals

Services for Advisors

Why JULY

The JULY team is geared to customize service delivery for advisors to meet the unique needs of your firm and those of your clients.  Below are some of the ways we can customize our service.Custom...
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Troubled Plan Consulting

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 correct these problems.

Common Problems

Below are some common problems employers encounter with their plans.

  • Failure to amend Plan Documents in a timely fashion
  • Failure to follow the Plan Document
  • IRS Audits
  • DOL Investigations

Correction Programs

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.

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Managing Your Plan to Minimize Top-Heavy Issues
January 10, 2017

Happy New Year! To start the year off right, we would like to share insights on how you can help your business-owner clients minimize pains associated with top-heavy issues. Because top-heavy required employer contributions to 401(k) plans can create budget challenges and may be a thorn in the side of some business owners, this article discusses creative ways to alleviate related frustrations, satisfy existing clients and gain new relationships along the way.

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