Retirement Plan Fixes: Identifying, Quantifying and Correcting Real-World Errors in Retirement Plans

Western Pension & Benefits Council

Even in retirement plans with strong processes and controls, mistakes happen and errors can impact participants. Fortunately, the Employee Plans Compliance Resolution System (EPCRS) provides a structured way to correct plan errors and keep operations on track. In this session, we’ll explore how EPCRS influences error identification, correction timelines, and administrative decision-making. We'll also go through detailed calculations for corrections to ensure accuracy and compliance with EPCRS, as well as the practical impact of implementing those correction principles. Additionally, we’ll discuss the Department of Labor's Voluntary Fiduciary Correction Program, examining practical scenarios where plan sponsors can apply it to effectively correct errors and uphold fiduciary responsibilities.

 Objectives

• Learn to identify common plan errors and the relevant IRS or DOL program under which they can be corrected
• Learn about the required correction methodologies including both the calculations as well as documentation and disclosure requirements
• Learn about practical issues that arise in correcting errors and how to approach those

More Information, How to Register