Retirement plan compensation failures are one of the top ten most common errors submitted to the IRS's Voluntary Compliance Program. In this podcast, Marcel Weiland discusses two scenarios of compensation failures in the area where we see it most often in our practice, bonus compensation. ...
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About Marcel Weiland
Retirement Plan Participant Loan Errors: Loan Caps And Repayment
In this podcast, Marcel Weiland discusses retirement plan participant loan errors involving IRS rules governing the loan caps and repayment schedule, the potential consequences of a compliance failure to the plan sponsor and employee, and plan correction.
TRANSCRIPT
Speaking of Benefits, ...
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EPCRS Not An Option For Self-Identified Plan Error?
The Employee Plans Compliance Resolution System (EPCRS) is a powerful self-correction tool provided by the IRS, giving plan sponsors the opportunity to right almost any self-identified error under its three component programs. But what about errors that can't be corrected in EPCRS?
The IRS's ...
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The Delinquent Filer Voluntary Compliance Program – Over-The-Counter Relief
In 1995, the Department of Labor (DOL) established its Delinquent Filer Voluntary Compliance (DFVC) Program to enable plan sponsors to file all the appropriate returns and to pay reduced penalties.
If you have an employee benefit plan for which an annual report should have been filed, but which ...
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The Employee Plans Compliance Resolution System (EPCRS): When Haste DOESN’T Make Waste
I can still hear my mother saying it, "Haste makes waste, Marcel." And it is true in many situations – acting too quickly can cause mistakes that waste time and money. But it isn't always the case with qualified plan failures. In most cases, timely correction of a failure will cost you less money ...
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Before You Throw That Switch – Blackout Period Notice Requirements
In the wake of the Enron situation, Congress passed a law containing blackout period requirements that apply to all defined contribution retirement plans. Blackout periods (times when participants lose control over their accounts) can occur for a number of reasons, but the most common are if the ...
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