Available until September 20, 2024
Speaker: Stephen Forbes, J.D., LL.M., President, Forbes Retirement Plan Consulting
Description: If there is one truth about retirement plans, it is difficult to satisfy all the requirements. Regardless of how careful we are, the rules are too numerous and complicated not to experience an occasional failure. Fortunately, the IRS recognizes that mistakes happen and has provided correction procedure – EPCRS (Rev. Proc. 2021-30). In SECURE 2.0, Congress has mandated the IRS expand the self-correction methods (Notice 2023-43). In this webcast, we will explain (using examples) the correction procedure. In addition, using practical case studies, we will illustrate how to apply the correction methods to resolve some difficult plan failures. (Please see section below Registration/Continuing Education for a full agenda.)
Learning Objectives:
- Identify plan failures and proper corrections
- Provide plan correction alternatives to clients
- Apply self-correction methods
- Instruct colleagues on correction approaches
- Develop correction methods for plan failures
Registration Links:
On-Demand Webcast is Available Until: September 20, 2024
Registration Information:
- Live webcast registration will be available to purchase in the Marketplace until 11:59 p.m. ET on the day prior to the date of the live event. For same-day live registration, contact [email protected]
- Each viewer must have their own registration for each event and access it through their own device in order to receive continuing education credit.
- Live webcast registration does not provide access to the on-demand version.
- Registration for On-Demand webcasts includes unlimited viewing of the webcast recording, webcast outline, and any additional presentation materials for 180 days following the registration date. Recordings are available one week after the live webcast takes place.
- To receive continuing education credit for the On-Demand webcasts, viewers must pass a brief quiz following the recorded session.
Continuing Education Credit (On-Demand): 8 ASPPA, 8 NAPA Relevant Topics, 8 NTSA, 8 JBEA Non-Core, 8 ERPA
PLEASE NOTE THAT CE CREDIT IS ONL Y AVAILABLE TO ATTENDEES WHO VIEW THE FULL WORKSHOP; NO PARTIAL CREDIT WILL BE GRANTED.
Plan Corrections Workshop: self-correction and SECURE 2.0 changes: AGENDA
SECURE 2.0 §305 Changes to Self-Correction [Notice 2023-43]. Eligible inadvertent failures; not time limit on correction; effective date; insignificant failure corrections; IRS identification; safe harbors; excise taxes; required correction methods; failures ineligible for self-correction
Effects of Plan Disqualification. Employer consequences; plan (trust) consequences; employee consequences; tax consequences; statute of limitations; reporting requirements; special disqualification rules for coverage and nondiscrimination failures; tainted assets rule; vesting; rollovers and distributions
EPCRS Correction Principles. Practices and procedures; SCP vs. VCP; fees and sanctions; plan amendments under SCP; deduction of corrective contributions; employer eligibility; abusive tax avoidance transaction
Self-correction program (SCP). Plan failures that can be self-corrected; time limits on SCP; fashioning self-correction method when failure not included under EPCRS
Voluntary Correction program and Audit CAP. When do you have to file under VCP? VCP requirements; calculating the audit CAP sanction; demographic failure; filing submission contents; egregious failures; compliance statement
Eligibility corrections. Participants enter too early; participants’ entry delayed improperly; self-correction options; returning and forfeiting contributions; retroactive amendment; improper exclusion
Elective deferral failures. Non-safe harbor correction method (“50%”); safe harbor (“50%”) correction method; brief exclusion rule (safe harbor and non-safe harbor); auto-enrollment safe harbor correction method; matching correction; earnings calculation options; safe harbor 401(k) plan correction; missed deferrals; catch-up contributions
401(k) and Safe Harbor 401(k) plan failures. ADP and ACP correction options; “1 to 1“ QNEC correction; QNEC allocation method safe harbor 401(k) contribution failures; safe harbor 401(k) notice; 402(g) correction
415 limit failures. Correction ordering rule; forfeiture options; matching failures; defined benefit plan corrections; 401(k) corrections; deadlines
Participant loan failures. Failure to withhold loan payments; exceeding the 5-year rule; exceeding loan limits; tax consequences; refinancing; document failure; failures that can be self-corrected; spousal consent; reporting
Distribution failures. SECURE 2.0 changes to overpayment correction; overpayment; underpayment; reporting requirements; rollover issues; spousal consent; RMD correction options
Compensation failures. Using the incorrect plan compensation for allocation; fixed vs. discretionary contribution; elective deferrals;
Nonamenders, Amendments, Scrivener’s errors. Which plan document failures can be self-corrected; plan document doesn’t reflect employer’s intent; scrivener’s error; interim amendments; discretionary amendments
Earnings on corrective contributions. Different earnings calculation methods; adjusting for losses; DOL calculator; multiple investment funds; sources of correction; restorative payments; safe harbor adjustments
About the Speaker: Stephen Forbes is an ERISA attorney and educator with 36 years of experience practicing and teaching in the retirement plan area. Recently, he received ASPPA’s 2019 Educators Award. Stephen was vice president of SunGard in charge of Relius Education. He teaches seminars, conferences and webcasts on retirement plan compliance, design and correction. He also provides professional consulting. He has drafted qualified plan, 403(b), 457(b), 409A and IRA documents. He was the author of “The Form 5500 Filing Guide” and the co-author of “The Pension Library.” He was a Tax Law Specialist at the IRS National Office (Employee Plans Division) where he trained IRS employees, wrote IRS Notices and Revenue Rulings and participated in several Treasury regulations committees.
General Webcast Information
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Paying a Different Way or Registering Mulitple Users: Email [email protected]
Group Discounts: For details on Webcast packages or any additional training package offerings, please contact Tiffany Hanks, Director of Education Sales [email protected]. You can also find more information on webcast pricing package page.
Cancellation Policy: All webcasts are non-refundable. If you have registered for the live webcast and are unable to attend, please email [email protected] and request to transfer your registration to the recorded version. This request must be made before the live webcast takes place.
Disclaimer: Statements and materials presented on American Retirement Association webcasts are solely the opinions of the speakers and do not represent the opinion or the position of the American Retirement Association. The American Retirement Association assumes no responsibility for the content and materials presented by speakers during the webcast.
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