EPCRS Case Studies

ASC

As the IRS proclaims, "mistakes happen!" The IRS Employee Plans Compliance Resolution System (EPCRS) allows retirement plan sponsors to correct plan mistakes and continue to provide retirement benefits on a tax-favored basis. EPCRS includes self-correction without IRS involvement (SCP), voluntary correction with IRS approval (VCP), and correction during audit under a closing agreement (Audit CAP).

In this 2-hour CE webcast, John Griffin, J.D., LL.M. explains what every retirement plan practitioner needs to know about the EPCRS plan correction procedures, including the impact of SECURE 2.0. After a brief summary of EPCRS, case studies will be used to illustrate common errors and suggested solutions, including:

• Failure to timely amend or restate a plan
• Failure to correct ADP/ACP testing violations
• Improper use of the definition of compensation
• Failure to properly provide matching contributions
• Improper coverage of employees (e.g., early or late entrance)
• Exceeding the §402(g) elective limit
• Improper hardship distributions
• And more!

Presenter Info:

Industry expert and ERISA attorney, John Griffin, J.D., LL.M., has over 35 years' experience in the employee benefits field, including training and consulting with top firms in the industry.

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