Nicholas Pension Consultants
Plumbers Local Union No. 1 Benefit Funds
Retirement Plan Consultants
Farmer & Betts, Inc.
EPIC Retirement Plan Services
Loren D. Stark Company
Pension Rights Center
Pension Plan Specialists
RTD Financial Advisors
Kentucky Trust Company
Retirement Industry Trust Association (RITA)
Hochheiser Deutsch & Co, Inc.
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|VCP Correction of a Defaulted Loan to a Participant-Owner|
BenefitsLink Message Boards
May 11, 2021
"Participant loan apparently defaulted in 2018. Started making payments again in 2019, but should have been a deemed distribution. Too late to correct under SCP, but can be corrected under VCP, per Rev. Proc. 2019-19, Section 6.07(3)(d). Here's my question -- the person involved is the company owner. Has anyone submitted under VCP in such a situation, and was there any problem with the IRS not approving it because it was the owner/fiduciary who defaulted?"
|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 link above).|
|An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).|