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Plan Corrections: Fixing the Broken Plan
Cincinnati, OH - 10/19/2018 - 10/19/2018


Scheduled in five cities in 2018: Appleton WI, Kansas City, Nashville, Portland, and Cincinnati

The Plan Corrections: Fixing the Broken Plan Workshop is preceded on the prior day by the Advanced Plan Design Workshop. A multi-program discount will be available.

A great many things can go wrong in a retirement plan. IRS officials have suggested that most plans fall out of compliance within days after signature. Fixing broken plans, then, becomes a vital part of the practitioner’s work. But with so many different types of failures possible – operational failures, document failures, demographic failures, fiduciary failures, loan failures, late 5500 filing, late deposits, prohibited transactions, and more – it is tough to keep straight what you can or should do to make things right again.

This Plan Corrections: Fixing the Broken Plan Workshop takes a practical approach to plan correction under both the IRS and the DOL rules, including the latest IRS updates to the EPCRS program. While the speaker will briefly spell out the procedural guidelines, most of the program focuses on how to fix the most common plan failures, including some errors that the correction programs do not directly address.

Using examples and practical case studies, you learn how to make the necessary calculations, determine what latitude you have, and develop a familiarity with the correction to better resolve plan problems and put the plan back on track.

Topics include:

  • Excess amounts
  • Improper exclusion
  • Improper distribution
  • Failure to make required contributions
  • Late deposits of deferrals and loan repayments
  • Participant loan failures
  • Calculating earnings
  • SCP correction for unidentified errors
  • Late amenders
  • Scrivener’s errors
  • Late filing

NOTE: Back-to-back scheduling! The Plan Corrections: Fixing the Broken Plan Workshop is preceded on the prior day by the Advanced Plan Design Workshop. A multi-program registration discount is offered for those who wish to attend both programs at the same location. Attend both Workshops and enjoy the multiple-program discount, an additional $50 savings!

There are no prerequisites for this program. The speaker will assume that attendees have at least one year of experience and a general understanding of the operation of 401(k) and other retirement plans.

Who Should Attend
Plan Corrections is designed for practitioners who have experience working with retirement plans in general, and with 401(k) plans, in particular. Other practitioners also will benefit from the program by learning how to spot important issues for further investigation and identify the appropriate correction approach.

This program is designed to benefit all pension practitioners, including third party administrators, attorneys, accountants, human resources personnel, actuaries, trust officers, insurance agents, and others involved with qualified plan design, compliance, administration, and government reporting.

Level: Intermediate

Instructional Delivery Method: Group – Live

NASBA Field of Study: Taxes

Upon completion of the course, attendees should be able to:

  • Identify the appropriate correction methods
  • Calculate the amount of a corrective contribution
  • Determine when to use SCP and when to use VCP
  • Fashion a proper correction for an error not identified in EPCRS
  • Determine whether the plan in fact failed
  • Explain the risks in correcting a scrivener’s error
  • Identify the options for calculating earnings for corrective contributions
  • Apply properly the EPCRS correction procedures