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IRS VCP Submission Kit for Use When Plan Sponsor Was Not Eligible to Sponsor a SIMPLE IRA Plan
Internal Revenue Service [IRS]Link to more items from this source
[Official Guidance]
July 22, 2021

"Plan sponsors may use this Voluntary Correction Program (VCP) Submission Kit if they: [1] Aren't eligible to sponsor a SIMPLE IRA Plan, because they have too many employees, or [2] Can't sponsor a SIMPLE IRA Plan, because they maintain another type of retirement plan.... Receiving IRS approval of this submission kit, however, doesn't correct other failures in your plan, like the failure to: [1] Limit contributions made to the SIMPLE IRA plan in accordance with IRC Section 408(p); [2] Update your SIMPLE IRA plan document for current law changes; [3] Operate the SIMPLE IRA plan according to its written terms; [4] Admit all eligible employees."

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