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401(k) Beyond the Basics 01 - IRS and DOL Correction Programs
Presentor: Derrin Watson Recorded Date: 8/1/2016 Duration: 60 Min.

during a live presentation given on August 1, 2016 at 12:00PM EST.

Do you already know the basics of 401(k) plans, and want to move on to the nitty gritty? There are so many rules, that it is impossible even for a very experienced practitioner to remember them all. Each installment in this series will present a one-hour focused look at a single topic affecting 401(k) plans and provide the information practitioners need to know to be sure they are fully assisting the companies and participants they serve. You can brush up on a single topic, or view the whole set, either as a live seminar, where you can ask questions, or as an archived presentation on your own schedule. Our standard pricing has been discounted to make attendance to all sessions in this series more cost effective. The series will cover the following:

401(k) Plans: Beyond the Basics Web Series

  • 401(k) BB 01: IRS and DOL Correction Programs:More than Alphabet Soup
  • 401(k) BB 02: Plan Document Requirements and Deadlines
  • 401(k) BB 03: Eligibility and Vesting Design Considerations
  • 401(k) BB 04: HCEs and Compensation
  • 401(k) BB 05: Coverage Testing Issues
  • 401(k) BB 06: The Average Benefit Test
  • 401(k) BB 07: Elective Deferral Options
  • 401(k) BB 08: ADP Testing Techniques
  • 401(k) BB 09: ACP Testing Techniques
  • 401(k) BB 10: After-tax Contributions: The Other White Meat
  • 401(k) BB 11: Safe Harbor 401(k) Plan Design
  • 401(k) BB 12: Safe Harbor 401(k) Plan Operation
  • 401(k) BB 13: Distribution Restrictions & Hardships
  • 401(k) BB 14: Participant Loans: The Fine Print
  • 401(k) BB 15: All About Roth


401(k) Beyond the Basics Series 01: IRS and DOL Correction Programs: More than Alphabet Soup

Sometimes it seems like the only error free plans are the ones set up in the last week. There are so many things that can go wrong, that errors are bound to creep into the most carefully maintained plans: late filing, late amendments, operational failures, fiduciary breaches, prohibited transactions, and more. And fortunately, the IRS and DOL have programs which can bring you back in compliance, often for free or very limited filing fees.

But knowing which program to use where is a frequent challenge. There’s so many initials: DFVC, VCP, SCP, VFCP, and some that are known only by numbers, such as PTE 2002-51. This web seminar will review all the different programs, explain their uses, and detail their requirements. Topics include:

  • Relief for late filing
    • DOL DFVC
    • Online calculator
    • IRS late filing rules for DFVC
    • IRS late filing relief for 5500-EZ
    • Reasonable cause
  • Relief for fiduciary breaches
    • DOL VFCP
    • Online calculator
    • Prohibited Transaction Exemption
    • Self-correction
    • Reporting requirements
  • Relief for qualification failures
    • Self-correction VCP Audit CAP Fix-it guides


Note: this program will not have sufficient time to detail correction methods. We recently completed a Web Series called "Practical Corrections", a 6-part series, that addresses correction methods in depth. view and register for the archived version, here: Archived Web seminar list.

Prerequisites: There are no prerequisites or other advanced preparation for this program. The instructor will assume attendees have a general familiarity with the qualified plan requirements, and a minimum of two years of experience in dealing with qualified plans.

Level: Intermediate

Instructional Delivery Method: Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: S. Derrin Watson, J.D.
Recipient of ASPPA's 2006 Educator of the Year Award

Objectives: After attending the program you should be able to:

  • Advise clients regarding the availability of correction programs
  • Determine which programs and agencies are responsible for a given correction
  • Access online helps


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