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Follow on Google News | The Knowledge Group Has Scheduled a Live Webcast on Retirement Plan ErrorsHow to Prevent and Correct Errors in 2016: An Update LIVE Webcast
Event Synopsis: Today, there are more rules and regulations than anyone would ever have imagined in 1980. Tied to this are costlier penalties and lawsuits that require the vigilance of a fox. But, sometimes, the regulations are simplified as is the case with filing of Retirement Plan Errors to the US Internal Revenue Service (IRS). The IRS recently issued important updates to its Employee Plans Compliance Resolution System (EPCRS). EPCRS allows sponsors and administrators of tax qualified retirement and certain other plans (Section 403(b)) to correct certain documentary and operational errors and thereby retain their tax advantages. Other changes include conditionally expanding eligibility for reduced Voluntary Correction Program (VCP) filing fees; exempting sponsors from having to file determination letter applications when correction is by plan amendment; and extending the period for adopting corrective plan amendments in certain situations. Overall the changes are helpful and provide some flexibility in structuring corrections and reduce the tedium of doing so. In light of the changes to the EPCRS program, plan sponsors should be aware that failure to correct known plan qualification errors may result in more expensive sanctions if the errors are identified in an IRS examination. In this two hour, LIVE Webcast, a panel of distinguished professionals and thought leaders assembled by The Knowledge Group will review and discuss Retirement Plan Errors under the EPCRS. This interactive course will offer the audience advice on How to Prevent and Correct Errors in 2016. Through case studies, the panel will also provide the audience with the best practices in correcting and preventing possible Retirement Plan Errors. Key topics include: § Introduction & Overview of EPCRS § Responding to Plan Qualification Errors & Other Defects § First steps in every case § Get some help § Legal/ § Define the potential magnitude of the issue § Consider notifying insurance § Allocate resources for fast resolution § Implement stop gaps measures for immediate compliance § 4 Paths to Correction § Self-correction under EPCRS § Conditions to self-correct – § Good document § Timing – significance v. insignificance § Correction methods § Procedures to self-correct § Hypotheticals § VCP § Conditions to use VCP § Eligible errors § Ineligible errors § Other reasons to use VCP § Procedures to use VCP § Fees § Forms § Compliance statement § Updates to program based on Revenue Procedures § Hypotheticals § Audit closing agreements § Conditions to use Audit CAP § Procedures to use Audit CAP § Hypotheticals § Correcting outside of EPCRS (we need to allocate these subtopics) § Walk in Cap § DOL § Other § Preventing Plan Qualification Errors and Defects § Internal controls § CPA plan audits § Agreed upon procedures § Compliance audits/reviews § Mock IRS audits § Retirement plan committee oversight § Q& Speakers/Faculty Panel: Boutwell Fay LLP Sherrie Boutwell Partner Cadwalader, Wickersham & Taft LLP Shane J. Stroud Special Counsel Plante & Moran, PLLC Joseph F. Rankin Partner, Employee Benefits Consulting For an updated list of the faculty panel, please visit: https://theknowledgegroup.org/ About The Knowledge Group/The Knowledge Congress Live Webcast Series The Knowledge Group brings together the world's leading authorities and industry participants through informative two-hour webcasts that study the impact of changing regulations and help businesses succeed through proper regulatory compliance. Visit http://theknowledgegroup.org/ End
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