Voluntary Correction News Today

Errors in retirement plans happen even to the most well-intentioned plan sponsors. Several decades ago, the IRS published the first version of the Employee Plans Compliance Resolution...

Plan sponsors can make additional corrections via SCP, rather than VCP, while a “reasonable amount of time” to discover an error is defined as 18 months.

Baseball season has just started, and retirement plan auditing season will soon kick into high gear. Many plan sponsors don’t see the value of a good auditor; they just see the audit as...

Retirement plan auditing season starts soon. Many plan sponsors don’t see value of good auditor; they see audit as cost of doing business. These days when a plan sponsor becomes aware of an operational problem in the plan, it’s frequently auditor who discovers it.

Baseball season has just started, and retirement plan auditing season will soon kick into high gear. Many plan sponsors don’t see the value of a good…

As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments...

In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June...

Failing to issue required minimum distributions can be costly, so sponsors must follow exact steps from the IRS and DOL to locate missing participants.