Initial notice for deferred comp plan not filed. How to proceed?

[Guest jppcpa]

Does anyone have any recent experience with deferred comp plans that didn't file initial notice with DOL? Failure then results in 5500 requirement which, of course, were not filed. I had heard that the DOL had an amnesty program for this kind of thing, but I want my client to proceed carefully.

[Guest KLSusac]

Check the DOL Delinquent Filer Voluntary Compliance Program.

It specifically addresses the steps a plan administrator of a top hat plan must take if the letter has not been filed on a timely basis. See particularly OCA Frequently Asked Questions number 12.

[Kirk Maldonado]

KLSusac:

What is "OCA Frequently sked Questions?"

[JanetM]

I just got a panic call from friend in OH. He was just informed that his plan never filed letter with IRS or DOL. He is seaching for guidance (OMG and he is asking me) I need help with cites and references ...........

This plan has been around for a number of years, how far to we go back with filing, what needs to be done, what happens now under new 409A regs? Does this mean it doesn't fall under 409A regs going forward?

[QDROphile]

A top hat plan filing is an ERISA matter and has nothing to do with 409A. No deferred comp plan files with the IRS. For that matter no qualified plan has to file with the IRS, except for Form 5500. Lack of filing with the IRS is not relevant to 409A. However, 409A is likely to apply to the deferred comp plan.

Consider the DOL Delinquent Filer program , as suggested in prior posts. The DOL website has information to get you going.

Deferred comp plans must be anlayzed for compliance with federal and state securities laws. Exemptions from registration are often available, but that cannot be taken for granted. As has often been stated by Kirk Maldonado, your source of ERISA and tax advice is often clueless about applicable secutities law.

[mbozek]

The DOL delinquent filer program has a procedure for fiing notices for TH plans.