The Internal Revenue Service (“IRS”) and the Department of Labor (“DOL”) offer various compliance correction programs to help plan sponsors avoid significant penalties for non-compliance.
The various correction programs include:
- The Employee Plans Compliance Resolution System (EPCRS): This IRS program allows plan sponsors of most retirement plans to correct operational and plan document failures.
- The Voluntary Fiduciary Correction (VFC) Program: 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 (DFVC) Program: This DOL program allows plan sponsors to submit delinquent required Form 5500 annual reports for substantially reduced fees (when compared to the potential penalties for late filing).
Trucker Huss has prepared numerous correction program submissions since the inception of these programs and our team has been very successful in negotiating applicable penalties and creative correction methodologies with both the IRS and DOL. This experience gives us a unique understanding of the correction process while providing the most cost-effective resolutions for our clients.
If you'd like to know more
For more information regarding this area of our practice, please contact Kevin Nolt, Nick White, Robert Gower or Katuri Kaye.