Page 3 - Voluntary Correction Program News Today

The DOL proposed changes to Voluntary Fiduciary Correction Program for the first time since 2006. A significant change is a self correction option for delinquent deposits of participant contributions and loan repayments. The DOL is accepting comments through January 20, 2023.

Employers will have the opportunity to review and self-correct retirement plan failures upon being identified for plan examination by the Internal Revenue Service.

Employers will have the opportunity to review and self-correct retirement plan failures upon being identified for plan examination by the Internal Revenue Service (IRS). The IRS...

Employers will have the opportunity to review and self-correct retirement plan failures upon being identified for plan examination by the Internal Revenue Service IRS. If any failures are identified follow the IRS’s Employee Plans Compliance Resolution System EPCRS guidance

The IRS pilot program allows a plan sponsor to conduct a self-examination before a full or limited retirement plan audit would be initiated. In its June 3, 2022, Employee Plans...

Internal Revenue Service announced launch of pre-examination retirement plan compliance pilot program beginning June 2022. IRS will notify plan sponsors by letter 90 days before examination that their retirement plan has been selected for an upcoming inspection.

The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022. The pilot program is...

On June 3, 2022 the Internal Revenue Service ("IRS") announced a pilot audit program and has already issued notices to retirement plan sponsors.

Retirement plan sponsors should be aware of a new Internal Revenue Service (IRS) pilot program, which permits plan sponsors to conduct a pre-examination “check-up” of retirement plan...

Starting this month, plan sponsors may be notified by letter that their retirement plan has been selected for an examination.