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Report Link IRS Clarifies When Plan Amendments May be Used to Correct Operational Failures.Ford & Harrison LLP - March 24, 2008 The Internal Revenue Service (IRS) recently explained when a plan amendment can be used to correct a failure to follow plan terms in the operation of a retirement plan. (See Retirement News for Employers, Winter 2008). The Employee Plans Compliance Resolution System (EPCRS) is a voluntary correction program that allows plan sponsors to correct plan mistakes that, if left uncorrected, could result in a retirement plan losing its favorable tax treatment. The EPCRS includes a Self-Correction Program (SCP), under which a correction can be made without paying a fee or contacting the IRS. However, SCP is only available to correct a failure to follow the terms of the plan in its operation (operational failure). Report Link Internal Revenue Service and Department of Labor Update Correction Programs (pdf).Vedder Price - June 01, 2006 Both the Internal Revenue Service (IRS) and the
Department of Labor (DOL) have recently announced
several positive changes to their voluntary correction
programs for retirement plans. On May 5, 2006, the IRS
released Revenue Procedure 2006-27, which updates
and expands its correction program, known as the
Employee Plans Compliance
Resolution System (EPCRS).
On April 19, 2006, the DOL
published an update to its
correction program, known
as the Voluntary Fiduciary
Correction Program (the 2006
VFC Program). Report Link Compliance Update: The Voluntary Fiduciary Compliance Program.Littler Mendelson, P.C. - August 01, 2005 The Department of Labor recently revised its Voluntary Fiduciary Correction Program (VFCP). Adopted by the U.S. Department of Labor (DOL) to encourage plan fiduciaries to comply with the provisions of ERISA by providing relief from certain penalties and enforcement actions, VFCP permits employers to proactively remedy fiduciary violations under ERISA by taking prescribed remedial actions.
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ArticlesFound: 3 ArticlesNO SUBTOPICSEmployment Law Seminars
Workplace Harassment Seminar
Indianapolis
October 16, 2008 Indiana Chamber of CommerceFlorida Employment Law UpdateTampa
October 16, 2008 OgletreeTEXAS EMPLOYMENT LAW BREAKFAST BRIEFINGHouston
October 16, 2008 Phelps DunbarLabor & Employment Law Update: What Trends Do You Need to WatchChicago
October 16, 2008 Ford & HarrisonHRMAC Employee Relations Interest GroupChicago
October 16, 2008 Vedder PriceEmployment Law Developments in TennesseeMemphis
October 17, 2008 OgletreeOhio Employment Law BriefingRocky River
October 17, 2008 OgletreeExecutive Briefing: Organized Labor in the 21st Century – The Phoenix Rising from the AshesOak Brook
October 17, 2008 Vedder PriceChallenges & Opportunities for EmployersBirmingham
October 17, 2008 ConstangyThe 2008 Midwest EmployerMinneapolis
October 21, 2008 Littler |
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