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Plan Correction Answer Book, Seventh Edition by Nadine E. Roddy , John F. Buckley IV Plan Correction Answer Book, Seventh Edition by Nadine E. Roddy , John F. Buckley IV

Plan Correction Answer Book, Seventh Edition

By John F. Buckley IV, Nadine E. Roddy
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Plan Correction Answer Book provides the most current and comprehensive answers to the issues faced daily by plan administrators, benefits consultants, attorneys, and other pension professionals in the area of plan compliance. The authors examine the range of remedial programs available, the penalties that can be imposed, and the unique qualification issues for 401(k) plans and employee stock ownership plans.

Plan Correction Answer Book also outlines practices and procedures that ensure tax-qualified retirement plans are operated in accordance with Internal Revenue Code requirements.

The new Seventh Edition of Plan Correction Answer Book expands coverage of key administrative developments and changes to include:

  • The modifications made by Revenue Procedures 2015-27 and 2015-28 to Revenue Procedure 2013-12, which governs the Employee Plans Compliance Resolution System (EPCRS)
  • The IRS’s plans to eliminate the staggered five-year remedial amendment cycles for individually designed plans, with a temporary exception for plans in Cycle A
  • The recently revised IRS procedure for the issuance of determination letters on the qualified status of pension, profit-sharing, stock bonus, annuity, and employee stock ownership plans (ESOPs), and the status for exemption of any related trusts or custodial accounts
  • The IRS’s 2015 Cumulative List of Changes in Plan Qualification Requirements, which was announced in IRS Notice 2015-84
  • And more!

Note: Online subscriptions are for three-month periods.

Previous Edition: Plan Correction Answer Book, Sixth Edition, ISBN 9781454885269

Pages 568
Last Updated 06/21/2019
Update Frequency Annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
ISBN 9781543811544
SKU 10044806-0003
Publish Frequency Annually
Product Line Wolters Kluwer Legal & Regulatory U.S.
SKU 000000000010048431
Table of Contents
  • 1. Overview
    • IRS Remedial Programs
    • Qualification Failures
    • Correction of Qualification Failures
    • Participation in Remedial Programs
    • Deciding Which Remedial Program to Use
    • Administration, Sanctions, and Fees
  • 2. SCP
    • Eligible Qualification Failures
    • Plan Eligibility Requirements
    • Significant Operational Failure Correction
    • Insignificant Operational Failure Correction
    • Making Corrections
    • Using SCP
    • Administration of SCP
    • Employee Benefits Security Administration
  • 3. VCP
    • Eligibility
    • Correction
    • Filing the VCP Submission
    • Contents of the VCP Submission
    • Processing the VCP Submission
    • VCP Compliance Statement
    • Fee
    • Audit After VCP
  • 4. Audit CAP
    • Eligibility
    • Using Audit CAP
    • Correction
    • Sanctions
    • Closing Agreement
  • 5. Compliance Fees and Sanctions
    • Compliance Fees
    • Sanctions
    • Maximum Payment Amount
    • Equities
  • 6. Correction Principles
    • Full Correction
    • No Plan Sponsor or No Trust
    • Failures and Corrections Involving Plan Amendments, Deprivation of Benefits, and Discrimination
    • Misallocations and Improper Distributions
    • Failures for Which the Code Imposes a Penalty Other Than Disqualification
    • Self-Correction Under SCP
    • Failure to Provide Minimum Top-Heavy Benefits
    • Failure of ADP or ACP Test
    • Failure to Distribute Excess Deferrals
    • Exclusion of Eligible Employees
    • Failure to Timely Pay Required Minimum Distributions
    • Failure to Obtain Consent Under QJSA Rules
    • Violation of Code Section 415 Limits
    • Failures Involving Vesting, Code Section 401(a)(17) Limit, and Hardship Distributions
    • IRS Case Studies
  • 7. Section 401(k) Plan Qualification Failures
    • ADP and ACP Failures
    • Distribution of Employee Deferrals
    • Excess Deferrals
    • Excess Amounts Under Code Section 415
    • Impermissible CODAs
    • Earnings Issues
  • 8. ESOPs
    • Pass-Through Voting Rights
    • Appraisals
    • Distribution Rules
    • Diversification Rules
    • Special Allocation Rules
    • Section 415 Issues (Maximum Allocations)
    • IRS Revenue Procedure 2013-12
    • IRS Forms 8950 and 8951
    • IRS Revenue Procedure 2007-44
    • IRS's Top Ten Failures Found in Voluntary Correction Program
    • Abusive Transactions That Affect Availability of Programs Under EPCRS
    • IRS's Tax Consequences of Plan Disqualification
    • Internal Revenue Code
    • Revenue Procedures and Rulings
    • IRS Announcements, Forms, Internal Revenue Manual Sections, and Notices
    • Private Letter Rulings
    • Treasury Regulations
    • Employee Retirement Income Security Act
    • Department of Labor and Pension Benefit Guaranty Corporation Regulations
    • Cases
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