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403(b) Plan Corrections: Correcting Under the New EPCRS Procedure
Presentor: Stephen Forbes Recorded Date: 3/21/2013 Duration: 100 Min.

This program was recorded during a live presentation on March 21, 2013.

The IRS has finally released its long-awaited update to EPCRS, the plan correction program. The two most significant areas of change were (1) the procedures and requirements for correcting 403(b) plans, and (2) the VCP procedural requirements. In this webcast, the speaker focuses entirely on explaining how to correct a 403(b) plan. You won’t have to figure out whether a particular procedure or correction method applies to 403(b) plans because we only will discuss 403(b) plan corrections.

We will explain the new procedural requirements as they affect both self-correction and voluntary correction of 403(b) plans. The presentation will include a step by step explanation of how to file a VCP application for a
403(b) plan that wasn’t adopted or restated in 2009. Using case studies and examples, we illustrate how to correct some of the more common 403(b) operational errors, including the universal availability rule. This seminar gives you a complete summary of how the new and changed rules affect 403(b) plans. For those practitioners who work with 403(b) plans, the seminar will provide practicable and valuable information.

Topics include:

  • 403(b) plan document correction
  • 403(b) document issues for which no correction is needed
  • Universal availability correction
  • Procedural requirements for 403(b) plans
  • Operational failures
  • Effective date
  • VCP incentives for 403(b) plans
  • 415 failures
  • Excess amounts and excess allocations
  • Improved procedures for handling overpayments
  • Use of forfeitures to fund corrective contributions
  • Revised procedures for lost participants
  • Issues the IRS is still working on

Added Value! Each attendee will receive a sample completed VCP application (with forms and schedules) for a 403(b) plan nonamender failure.

Prerequisites: There are no prerequisites or other advanced preparation for this program. However, the speaker will assume that participants understand the fundamentals of plan operation and correction as in effect prior to the newly revised procedure.

Level: Intermediate

Instructional Delivery Method
Group – Internet-Based

Speaker - Stephen W. Forbes, J.D., LL.M.
Author of The Form 5500 Filing Guide

Objectives: After attending this Web seminar, an attendee should be able to:

  1. File a VCP application for a 403(b) document failure
  2. Identify 403(b) failures
  3. Determine how to correct operational failures
  4. List the major changes in EPCRS correction methods

Hardware System Requirements:

  • Windows 95, 98, NT 4.0, 2000, XP, Windows 7
  • Internet Explorer 4.01 or later, Netscape 4.08 or later, and set Internet browser to allow pop-up windows.
  • High-speed Internet connection.
  • Pentium 166+ MHz, 128MB RAM or more.
  • 1023 x 768 or higher display resolution.
  • Soundcard and Speakers.

Software Requirements:

Program related requests, questions, or concerns may be emailed to: