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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...