IRS and DOL Correction ProgramsPrinter Friendly (PDF)
The Internal Revenue Service and the Department of Labor offer various compliance correction programs to help plan sponsors avoid significant penalties for non-compliance. Trucker Huss has prepared numerous correction program submissions and we often must negotiate any applicable penalty or correction methodology with the IRS or DOL. This experience gives us a unique understanding of the correction process.
The various correction programs include:
- The Employee Plans Compliance Resolution System (EPCRS): This IRS program allows plan sponsors of most retirement plans to correct certain operational and plan document failures
- The Voluntary Fiduciary Correction Program (VFC): This DOL program allows a plan fiduciary who has breached his or her fiduciary duty to correct certain breaches and avoid substantial penalties
- The Delinquent Filer Voluntary Compliance Program (DFVC): This DOL program allows plan sponsors to submit delinquent required annual reports on Form 5500 for substantially reduced fees (when compared to the potential penalties for late filing)