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Text of IRS Rev. Proc. 2014-32: Pilot Penalty Relief Program, Late Annual Reporting for Non-Title I Retirement Plans ('One Participant Plans' and Certain Foreign Plans) (PDF)
Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
May 9, 2014
"This revenue procedure establishes a temporary one-year pilot program providing administrative relief to plan administrators and plan sponsors of certain retirement plans from the penalties otherwise applicable under Sections 6652(e) and 6692 of the Internal Revenue Code for a failure to timely comply with the annual reporting requirements imposed under Sections 6047(e), 6058, and 6059 of the Code. The administrative relief provided under this revenue procedure applies only to plan administrators ... and plan sponsors of retirement plans that ... are not subject to the reporting requirements of Title I of [ERISA]. This revenue procedure also requests comments as to whether a permanent relief program should be established and, if so, how fees should be determined.... [A] plan administrator or plan sponsor of a Title I retirement plan may request relief from penalties under ERISA and the Code in accordance with the DFVC Program's procedures and Notice 2014-35."

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