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Restatements still not done


Rai401k
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Has anyone seen any indication of what the fees might be for a correction if the restatement is not completed by April 30? We're looking for a hefty amount to quote to motivate clients who are still dragging their feet.

i am down to about 60 plans. what a big job this has been.

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Has anyone seen any indication of what the fees might be for a correction if the restatement is not completed by April 30? We're looking for a hefty amount to quote to motivate clients who are still dragging their feet.

Without giving specific $ amounts we have been working with a rising fee schedule since this started. Back in 2008 it was X dollars for 6 months, then went up to X+Y (but we'll discount you back if you respond today); then 2X. etc. We are now at 2.5X and anyone who is late and has to go through the VCP program will be an additional X plus IRS fees. This seems to have worked well with motivating our clients.

At this point 90% have responded and we have to assume that a certain amount of the non-responders are actually "lost". 70% of the restatements are complete.

I've learned a lot about this process that we can apply when the DB window opens and hope to be more efficient.

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  • 4 weeks later...

We made it! All done!

But of course with a week left we are still waiting for people to send us back the documents!

AND we still are in the process of submitting our pre-approved documents to the IRS for determination letter, I know that some people think this is a waste of time but that's the way we do it here!

Only 80 more documents to submit in 5 days!! I'm sure this is exactly what the IRS didn't want us to do, truck loads of documents coming in the last week of April ...sorry :(

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