VCP Submission - Proposed Correction Method

[luissaha]

I have a case involving a multiemployer plan where we have identified an operational failure and have come up with a proposed correction and changes to the plan's administrative procedures. We need to make a VCP submission to get the matter corrected, but the problem I'm having with the multiemployer plan is that the correction method involves the cooperation of the participating employers, which we have not yet been able to secure. The employers may say they don't want to correct the problem, and may just stop contributing to the plan. Before we make the submission, do we have to have all of the employers "on board" with the proposed correction, or can we just say that if the employer's don't cooperate, their participation in the plan will be terminated?

Any help would be appreciated.

[PensionPro]

What is the point of proposing a correction if you are uncertain that you are able to implement it?

[luissaha]

Yes, that is the problem. We're not sure at this point if we can implement the correction. We would like the employers to go along with our proposed correction, but they may not agree. There are over 60 employers in the plan and we need to reach out to all of them on the proposed correction. We also need to correct the problem now. We can't let it continue. I guess what I'm asking is can we go ahead and file the VCP submission if the correction has not been made? We would just say in the submission that here is how we propose to correct, and if the employers refuse, the plan would terminate their participation and/or freeze the plan.