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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
Top Tips to Protect Your Workplace From Violence
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November 10, 2009 HR Learning Center LLCWorkplace Change in the Obama EraColumbus
November 10, 2009 Littler2009 Employment Practices ConferenceUniversal City
November 10, 2009 Ballard RosenbergFall Employment Law Mini-SeriesTysons Corner
November 10, 2009 LittlerBusiness Continuity During the H1N1 OutbreakWebinar
November 10, 2009 Littler"Action Steps for Upcoming Open Enrollment" Free E-BriefingWebinar
November 10, 2009 Ford & HarrisonLabor and Employment Law SeminarLos Angeles
November 11, 2009 OgletreeHR Network 2009 | RestonReston
November 12, 2009 CooleyThe Labor & Employment Compliance Costs of Federal ContractingWebinar
November 12, 2009 LittlerCalifornia Legally Required Sexual Harassment Training: It's Never Too Late to ComplyLa Jolla
November 12, 2009 Fisher & Phillips |
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