Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Retirement Plan Administrator

ERISA Services, Inc.
(Remote)

ERISA Services, Inc. logo

Senior Client Service Specialist

EPIC RPS
(Remote / AZ)

EPIC RPS logo

Retirement Plan Administrator

CMC Pension Professionals
(Remote)

CMC Pension Professionals logo

Senior Internal Sales Consultant

EPIC RPS
(Remote)

EPIC RPS logo

Retirement Plan Administrator

Retirement Planners and Administrators (RPA)
(Remote)

Retirement Planners and Administrators (RPA) logo

Manager, Defined Contribution (TPA)

HowardSimon, Strongpoint Partner
(Remote)

HowardSimon, Strongpoint Partner logo

Claims Adjuster

UEBT
(WA)

UEBT logo

Retirement Plan Relationship Manager

ERISA Services, Inc.
(Remote)

ERISA Services, Inc. logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile app icon
LinkedIn icon     Twitter icon     Facebook icon
Webinars
and Podcasts
  >  Upcoming   |   Recorded
Conferences
(In-Person or Virtual)
  >  Upcoming   |   Grouped by Location
All   >  Upcoming   |   Grouped by Sponsor

View More Strafford Webinars, Podcasts and Conferences

IRS Correction Rules for Retirement Plans: Plan Administration, Remediation of Noncompliance

Strafford

Feb. 13, 2024
1:00 p.m. - 2:30 p.m. ET
Webinar

This CLE course will provide employee benefits counsel, plan sponsors, and administrators guidance on identifying critical retirement plan issues and correction methods. The panel will discuss IRS self-correction rules and procedures and the primary focus areas of IRS and DOL examinations and audits. The panel will address fiduciary liability and risks stemming from excessive payments to retirement plans, delinquent 401(k) loans, spousal/survivor rights under ERISA, and other challenges.

Description

The IRS and DOL continue their heightened scrutiny of retirement plans. Plan audits typically reveal noncompliance issues that can result in substantial penalties for employers. ERISA counsel and advisers must understand IRS and DOL audit initiatives and procedures, identify audit risks, and take steps to remedy noncompliance.

Major compliance risks stem from the failure to recognize plan document defects, a specific area of focus during an IRS audit of a retirement plan. The IRS continues to enhance its plan correction programs to permit employers additional self-correcting operational failures.

Also, the DOL has focused, and continues to focus, on timely deposits of employee deferral contributions--so much so that some employers deposit the deferral contributions before paychecks are issued.

Compliance risks include, among others, failing to notify and pay terminated employees, not updating plans to the latest ERISA requirements, and using improper amounts to determine employee compensation. Companies risk exposure to government penalties and sanctions, such as disallowing deductions for employer contributions and plan disqualification.

In addition, recent litigation and penalties against fiduciaries, plan sponsors, and administrators have focused on excessive payments, delinquent 401(k) loans, and spousal/survivor rights. Employee benefits counsel must also navigate the nuances surrounding these issues in their analysis of their clients' administrative and operational practices.

Listen as our panel of experts discusses current IRS and DOL focus areas, correcting noncompliance, and mitigating audit risks.

Outline

  1. IRS and DOL key areas of focus
  2. Recognizing plan document defects
  3. Remedying compliance issues to avoid liability and penalties
  4. IRS self-correction rules; effective administrative procedures and corrective actions

More Information, How to Register

© 2024 BenefitsLink.com, Inc.