The Most Common Mistakes Made by Qualified Plan Sponsors and How to Fix Them

Most employers sponsor qualified retirement plans.

The requirements to maintain a retirement plan's qualified status are complex and constantly changing. It is difficult for most employers to know the current state of these rules and how they intertwine with an employer's payroll, accounting, HRIS and operational systems. Unfortunately, given the drastic consequences for failing to operate a retirement plan in accordance with its terms and the law, employers are required to understand these rules and quickly take steps to correct any inadvertent operational errors. Fortunately, the Internal Revenue Service has established three correction programs that allow employers to correct errors in the administration of their retirement plans. These programs, part of the Employee Plans Compliance Resolution System (EPCRS), enable employers to voluntarily correct defects and avoid or mitigate costly IRS penalties. This on-demand webinar explains the EPCRS program and the advantages, disadvantages and risks associated with each correction option. In addition, the on-demand webinar will walk through common examples of operational errors and the recommended correction of these errors. This program is critical for employers so they can ensure their retirement plans avoid costly IRS penalties and potential class action litigation. Learning Objectives: •You will be able to identify tax benefits. •You will be able to review common operational errors. •You will be able to discuss consequences of operational errors. •You will be able to explain employee plans compliance resolution system.