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Tag Archives: VCP
Public Agencies May Want to Take Advantage of an Anonymous VCP Opportunity Before it Disappears at End of 2021
By Jeff Chang Recently announced changes in the IRS-sponsored Voluntary Compliance Program (VCP) may encourage public agencies with known plan compliance problems or defects to apply this calendar year under Anonymous VCP, before that option is replaced in 2022. As … Continue reading
Posted in 401(a), 457(b) Plans, Governmental Benefits, Plan Administration, Plan Compliance, Plan Qualification
Tagged EPCRS, IRS, missing participants, VCP
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Ways to Correct Governmental Plan Problems
By Jeff Chang There are several tools that can be used to correct or fix governmental plan problems. First, some classification. Practically all the retirement plans we discuss are “tax-advantaged” in one form or another. However, within this group, there … Continue reading
Posted in 401(a), Plan Administration, Plan Qualification
Tagged EPCRS, governmental plans, plan checkup, SCP, VCP
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The Improper Use of Governmental “Pre-Approved” Plans
By Jeff Chang There continues to be new, complicated problems arising from the improper completion and use of off-the-shelf governmental pre-approval plans. Generally, a pre-approved plan from the document provider is reviewed and pre-approved by the IRS for its general … Continue reading
Posted in Plan Administration, Plan Qualification
Tagged auto-enrollment, governmental plans, opt-in, pre-approved governmental retirement plan, pre-approved retirement plan, VCP
Comments Off on The Improper Use of Governmental “Pre-Approved” Plans