ashleys Posted April 28 Posted April 28 My firm just took over a plan that missed the PPA restatement & the cycle3. We have completed both restatements now but what do we need to do to correct this? Ours thoughts were that the PPA document needs to be corrected through the VCP and that cycle3 could be corrected through SCP. Can anyone confirm or share their thoughts? There is some varying information out there.
CuseFan Posted April 29 Posted April 29 Agree. A VCP requirement is that you must completely fix the defect, so submitting only PPA restatement doesn't go the distance. Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
Artie M Posted April 29 Posted April 29 Agree with the other posters. Anytime we submit a VCP not only do we submit any related defect but we look for anything else we can get covered under the compliance letter. Just my thoughts so DO NOT take my ramblings as advice.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now