Self-Correcting Qualified Retirement and 403(b) Plan Mistakes: New IRS Procedures and Guidance for Plan Sponsors
New IRS Rev. Proc. 2019-19 and 2018-52: Challenges and Opportunities Under the Employment Plans Compliance Resolution System
Note: CPE credit is not offered on this program
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will provide ERISA counsel and advisers guidance on the new IRS procedures for correcting benefit plan mistakes and errors for plan sponsors and administrators. The panel will discuss the recent changes to the IRS Employment Plans Compliance Resolution System (EPCRS), available options under the Self-Correction Program (SCP) and Voluntary Compliance Program (VCP), the Audit Closing Agreement Program (Audit CAP), and an in-depth analysis of the procedures necessary to correct benefit plan errors and mistakes under new changes to the EPCRS.
Outline
- Available correction programs under the Employee Plans Compliance Resolution System
- Recent procedural changes to the Voluntary Correction Program
- New IRS Rev. Proc. 2019-19 expanding the Self-Correction Program
- Corrections through the Audit Closing Agreement Program
- Determining the best courses of action and best practices for ERISA counsel
Benefits
The panel will review these and other key issues:
- What programs are available under the IRS Employee Plans Compliance Resolution System?
- How do I determine which program will be optimal for plan sponsors to maintain qualification?
- What are the recent changes and potential pitfalls of the Voluntary Correction Program?
- What are the challenges and opportunities under Rev. Proc. 2019-19 in expanding the Self-Correction Program?
- Managing audits and making corrections under the Audit Closing Agreement Program
- Avoiding procedural pitfalls and best practices to maintain a plan's tax qualification
Faculty
Mark E. Bokert
Partner/Co-Chair
Davis + Gilbert
Mr. Bokert is co-chair of the firm's Benefits + Compensation Practice Group. His practice encompasses nearly all... | Read More
Mr. Bokert is co-chair of the firm's Benefits + Compensation Practice Group. His practice encompasses nearly all aspects of executive compensation and employee benefits, including matters related to equity plans, deferred compensation plans, phantom equity plans, qualified retirement plans and welfare plans. He has extensive experience in Section 409A and deferred compensation arrangements. He has extensive experience in counseling plan committees on their fiduciary responsibilities under ERISA.
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T. Katuri Kaye
Director
Trucker Huss
Ms. Kaye focuses her practice primarily on qualified retirement plans, including defined benefit and defined... | Read More
Ms. Kaye focuses her practice primarily on qualified retirement plans, including defined benefit and defined contribution plans, and plans of tax exempt entities and public schools and universities, including 403(b) and 457 plans.
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