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Showing results for tags 'Exclusive benefit rule'.
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For a non-ERISA (governmental) plan, can anyone point me to published guidance that would indicate that payment of a VCP fee from the trust would violate the exclusive benefit rule (or for another reason would not be permitted)? I've always understood that correction expenses should not be paid from plan assets, but I am having trouble documenting that. Thanks! I do see in the IRS manual that if there is an indication that the compliance fee check came from plan assets, that the application will not be reviewed until it has been demonstrated that the plan has been reimbursed. This is EPCRS policy, but is it grounded in law?
