Regional Vice President of Sales The Retirement Plan Company
|
Bates & Company, Inc.
|
AimPoint Pension
|
Loan & Distribution Specialist AimPoint Pension
|
Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
|
Compass
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
IRS Correction Procedures Address Failure to Adopt Written 403(b) Plan
Appleby Retirement Dictionary [Guidance Overview] Jan. 22, 2013 "Revenue Procedure 2013-12 included a provision for correction for failure to timely adopt a written 403(b) plan under the IRS' Voluntary Correction Program (VCP), and Audit Closing Agreement Program (Audit CAP). If the proper procedure is followed, the IRS will issue a compliance statement or closing agreement, and the 403(b) plan will be treated as if the written plan was adopted timely. The Audit CAP is used if the IRS identifies the failure during the examination of the 403(b). The VCP is used when the Plan Sponsor detects the failure and voluntarily makes the correction according to IRS procedural requirements." |
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |