VCP fees

[Guest JLecas]

We took over admin of a plan that has late deposits and failed to correct ADP/ACP failures. The plan has about 50 participants. In using the VCP program, do they pay one $1000 fee for the multiple failures or do they pay $1000 for each failure. I think they just pay one fee but I have found nothing to confirm that is correct.

[Guest Sieve]

One fee per submission (not per failure/correction):: "Except as otherwise provided in this section 12, the compliance fee for a submission under VCP for Qualified Plans and 403(b) Plans (including Anonymous Submissions) is determined in accordance with the following chart . . ." (EPCRS Section 12.02.)

[Guest JLecas]

Thanks.