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IRS Reduces Fees to Encourage Employers to File VCPs for Qualified Plan Errors
Smith, Gambrell & Russell, LLP [Guidance Overview] Jan. 5, 2018 "The new VCP fees are based on the assets of the plan instead of its participants and are capped at $3,500.... Note that certain types of errors were previously eligible for reduced VCP fees. For example, a VCP covering only a small number of loan failures for non-key employees was eligible for a reduced fee of as little as $300. Most of these special fees have now been eliminated so that the [new fee schedule] will apply to most VCPs." |
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