Regional Vice President of Sales The Retirement Plan Company
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Bates & Company, Inc.
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AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Compass
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Self-Correcting Qualified Retirement and 403(b) Plan Mistakes: New IRS Procedures and Guidance for Plan SponsorsStrafford |
July 9, 2019 Recorded Online Webinar |
New IRS Rev. Proc. 2019-19 and 2018-52: Challenges and Opportunities Under the Employment Plans Compliance Resolution System This webinar will provide ERISA counsel and advisers guidance on the new IRS procedures for correcting benefit plan mistakes and errors for plan sponsors and administrators. The panel will discuss the recent changes to the IRS Employment Plans Compliance Resolution System (EPCRS), available options under the Self-Correction Program (SCP) and Voluntary Compliance Program (VCP), the Audit Closing Agreement Program (Audit CAP), and an in-depth analysis of the procedures necessary to correct benefit plan errors and mistakes under new changes to the EPCRS. The IRS has significantly expanded the availability of plan sponsors to self-correct errors or failures in their benefits plans under the EPCRS. Tax-qualified retirement and 403(b) plan sponsors must grasp a complete understanding of the new options under the EPCRS and procedural nuances to maintain their plan's qualification. IRS Revenue Procedure 2019-19 expands the SCP allowing plan sponsors to avoid penalties and potential claims. The SCP, if specific requirements are met, enables plan sponsors to correct certain plan document failures, make retroactive amendments, and correct loan failures and lack of spousal consent issues. Before this expansion, plan sponsors were forced to have these failures corrected by submission to the VCP, or in the case of an audit, the Audit CAP, subject to IRS review and increased risk of losing the plan's tax-qualified status. ERISA counsel and advisers must consider all available correction programs for sponsors of retirement plans to accurately determine the best course of action to protect the tax-favored retirement benefits offered to their employees. Listen as our panel discusses the available correction programs under the EPCRS, recent procedural changes to the VCP and SCP, understanding the Audit CAP, and offers in-depth guidance on the procedures necessary to correct benefit plan errors and mistakes. Outline:
The panel will review these and other key issues:
Faculty:
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