Voluntary Correction Program

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Plan Mistakes are Now More Costly to Correct

By Scott E. Galbreath, J.D., LL.M (Tax) on March 15, 2018

In January, the IRS announced changes to the fees required for filing under the Voluntary Correction Program (VCP) of the Employee Plans Compliance Resolution System (EPCRS). The VCP program allows employers to voluntarily bring errors in plan documentation or operation to the attention of the IRS, and propose a correction method, and receive a compliance…

Welcome to The Benefit of Benefits blog, your resource for information and commentary on new legislative, regulatory, and industry developments in employee benefits and executive compensation. Beyond reporting the news and repeating the guidance text, we will clarify the reasoning behind the change and what it means from a practical perspective to employers, employees, and the industry. We will also provide commentary to help illuminate the benefit of the benefits discussed…because compensation is more than just wages.

Author, Scott E. Galbreath, J.D., LL.M (Tax) has more than 30 years of experience representing employers in ERISA, employee benefits, and executive compensation matters.