Learn how to properly correct errors on your company's qualified retirement plans and minimize penalties.
Although sponsors of employee benefit plans are all likely aware of the importance of maintaining their plans in compliance with applicable laws such as the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, they may not be aware of what to do when a mistake occurs regarding plan administration. Depending on the situation, one option may be to utilize a voluntary correction program offered by the Department of Labor or the Internal Revenue Service. This topic is intended to provide you with helpful and easy to use information regarding these programs so that in the event that you should ever need to utilize one, you know where to begin.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Introduction
- How Do Mistakes Happen?
- Identifying Plan Errors
- Correction Programs Available
Voluntary Correction Programs
- The IRS Employee Plans Correction Resolution System (EPCRS)
- The DOL Voluntary Fiduciary Correction Program (VFC)
- The Delinquent Filer Voluntary Compliance (DVFC) Program
Examples
- Common 401(k) Plan Errors
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Credit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 29, 2020.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Gabrielle (Gabby) A. Hansen
Barran Liebman, LLP
- Associate at Barran Liebman, LLP
- Enjoys advising clients on a broad range of employment compliance matters
- She focuses on representing employers in a variety of ERISA and employment matters, proactively working with clients to attain effective and favorable outcomes
- Knowledgeable about affirmative action plans, which can pose unique and complicated challenges for the employers required to maintain them
- Assists clients by drafting noncompetes, employment agreements, contracts, and various documents related to health and retirement plans
- Highly involved in the community, serving on the Business for a Better Portland Associate Board of Directors, and participating as a member of the American Bar Association, Joint Committee on Employee Benefits, Western Pension & Benefits Council, Oregon Women Lawyers, Portland Human Resources Management Association, Society for Human Resource Management, and the Multnomah Bar Association Young Lawyers Section
- J.D. degree, magna cum laude, Willamette University College of Law; B.A. degree, cum laude, in philosophy and Spanish, University of Portland
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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