VCP program

[Pixie]

I have a new Solo plan client that needs help cleaning up the plan.  They had been flipping real estate and we are current investigating the possible errors that are in addition to not filing the 5500-EZ for a few years.  My question is does VCP make sense for them and should this be done by an ERISA attorney instead of a TPA firm.  I don't have experience with VCP.

Thank you!

[justanotheradmin]

100% this something that an experienced ERISA law firm should handle. This is NOT the type of VCP to cut your teeth on, even if you as a TPA want to start offering VCP services and have staff with the proper enrollment (CPA, ERPA, ETC) to do so. 

[Artie M]

The delinquent filing of a 5500 form would be under the DFVCP, an operational failure (i.e., an IRS issue) would be under the VCP as contained in EPCRS, and if there is a fiduciary breach regarding the real estate held in an ERISA-governed plan that would be under the VFCP (it the breach is eligible for correction under that program). Alphabet soup....   If your fear is a potential fiduciary breach or prohibited transaction regarding the purchase or sale of real estate using plan assets, your client should at some point contact an ERISA attorney.    If you are not an attorney, you should not engage in the practice of law.