Rookie Question

[Guest GreenERISA]

Is it accurate to say that my belief with respect to SCP is that nothing "formal" needs to be prepared-that so long as the failure is corrected, and some form of documentation exists to show that it was identified/corrected/methods put in place to prevent reoccurrence will be sufficient. I inherited an outstanding issue from a former associate and it almost looks like he was tracking a "form" of some sorts-so I just wanted to make sure I wasn' reinventing the wheel by simply stating the issue, what has to be done to correct and what has been put in place so that it does not happen again.

Thank you and happy holidays.

[Belgarath]

I would generally agree with you. I hesitate to give a complete blanket endorsement without knowing all the specifics!

[MoJo]

Well, I agree with you and Belgarath - BUT I would suggest that what you indicate needs to be done (identify, correct, document correction, implement procedures to prevent re-occurrence) ***IS*** "formal" and needs to be done with such rigor (and documented as such) so as to withstand scrutiny should the plan be audited, or should a participant question the error and correction method....

[Guest GreenERISA]

Well, I agree with you and Belgarath - BUT I would suggest that what you indicate needs to be done (identify, correct, document correction, implement procedures to prevent re-occurrence) ***IS*** "formal" and needs to be done with such rigor (and documented as such) so as to withstand scrutiny should the plan be audited, or should a participant question the error and correction method....

Thanks! Yes, everything is documented on letterhead, etc. for the client to make the correction.