The Plan Corrections: Fixing the Broken Plan Workshop is preceded on the prior day by the Advanced Plan Design Workshop. A multi-program discount will be available.
A great many things can go wrong in a retirement plan. IRS officials have suggested that most plans fall out of compliance within days after signature. Fixing broken plans, then, becomes a vital part of the practitioner’s work. But with so many different types of failures possible – operational failures, document failures, demographic failures, fiduciary failures, loan failures, late 5500 filing, late deposits, prohibited transactions, and more – it is tough to keep straight what you can or should do to make things right again.
This Plan Corrections: Fixing the Broken Plan Workshop takes a practical approach to plan correction under both the IRS and the DOL rules, including the latest IRS updates to the EPCRS program. While the speaker will briefly spell out the procedural guidelines, most of the program focuses on how to fix the most common plan failures, including some errors that the correction programs do not directly address.
Using examples and practical case studies, you learn how to make the necessary calculations, determine what latitude you have, and develop a familiarity with the correction to better resolve plan problems and put the plan back on track.
- Excess amounts
- Improper exclusion
- Improper distribution
- Failure to make required contributions
- Late deposits of deferrals and loan repayments
- Participant loan failures
- Calculating earnings
- SCP correction for unidentified errors
- Late amenders
- Scrivener’s errors
- Late filing
Upon completion of the course, attendees should be able to:
- Identify the appropriate correction methods
- Calculate the amount of a corrective contribution
- Determine when to use SCP and when to use VCP
- Fashion a proper correction for an error not identified in EPCRS
- Determine whether the plan in fact failed
- Explain the risks in correcting a scrivener’s error
- Identify the options for calculating earnings for corrective contributions
- Apply properly the EPCRS correction procedures
Speaker: David Schultz, J.D.
Four Points by Sheraton Nashville Brentwood
760 Old Hickory Boulevard
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