Need Help Completing Your Voluntary Correction Program Submission?

The Voluntary Correction Program (VCP) allows a plan sponsor to pay a limited fee and receive the IRS’s approval of the correction while also remaining a qualified plan.  The VCP program is not a program used by those who have already had an examination by the IRS and must correct the error, but for the …

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Failure to Comply with Hardship Distribution Requirements

Plan Sponsors often fall short in one simple area of plan administration: record keeping. It is important that Plan Sponsors keep proper documentation for each area of the Plan.  One important area for this documentation is administering hardship distributions to participants. As described in our blog, “Hardship Distribution Requirements”, if your plan allows for hardship …

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Fees to Fix 401(k) Operational Failures

Providing a 401(k) plan for company employees is a valuable benefit for them.  The benefit to the Company is hopefully that it attracts and retains valuable employees.  The cost to the Company on the surface might appear to just be fees paid to service providers who help administer the plan such as hold plan investments, …

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