As retirement rules have become more complex and as regulatory scrutiny has increased, companies have begun having more operational issues with their plans. The JULY ERISA Consulting Team has the expertise to help employers navigate through the options to correct issues.
Below are some common problems and operational failures that happen with qualified retirement plans.
Failure to timely amend plan documents.
Failure to follow the plan document.
IRS and DOL Audits.
Failure to timely file IRS Form 5500.
We have the expertise to help employers choose options for correcting operational and plan document failures.
Evaluating the most cost-effective correction options.
Communicating with IRS and DOL.
Calculating contributions and agency fees.
Drafting required documents for correcting failures.
Plan 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.
Self Correction Program (SCP) – Available to correct insignificant problems and failures.
Voluntary Correction Program (VCP) – Available to correct specific problems and failures.
Delinquent Filer Voluntary Correction Program (DFVCP) – Available to correct late filing of IRS Form 5500.
Voluntary Fiduciary Correction Program (VFCP) – Available to correct certain fiduciary failures.
Plan Consulting Resources
Download additional resources discussing our services and options in more detail.