Voluntary Correction Program and Update on Significant Developments in Employee Benefits
This program will discuss best practices and proper procedures to remedy benefit plan errors through the Internal Revenue Service's Employee Plans Compliance Resolution System (EPCRS). We will explain the correction process and potential pitfalls often encountered in correcting plan mistakes and outline how to address these issues based on real-world experiences. We will address how to avoid steep penalties by identifying and voluntarily correcting problems before an IRS audit. We will also explain which errors qualify for the VCP streamlined process, and which require full correction under EPCRS. This program will provide you with the tools to navigate these programs.
The program will also provide an update on recent legal developments in the employee benefits arena.