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IRS Makes VCP Correction Kits Available Online to Pre-approved Plans
Practical Law Legal Update 9-519-4060 (Approx. 3 pages)
IRS Makes VCP Correction Kits Available Online to Pre-approved Plans
by PLC Employee Benefits & Executive Compensation
| Published on 10 May 2012 • USA (National/Federal) |
The Internal Revenue Service (IRS) has made Voluntary Correction Program (VCP) Submission Kits available on its website for plan sponsors who missed the April 30, 2010, and April 30, 2012, deadlines for adopting restatements of their pre-approved defined contribution and defined benefit plans reflecting the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
The IRS has made Voluntary Correction Program (VCP) Submission Kits available on its website for plan sponsors that missed either:
- The April 30, 2010, deadline for restating their pre-approved 401(k), profit sharing and other defined contribution retirement plan documents to reflect the requirements of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
- The April 30, 2012, deadline for restating their pre-approved defined benefit retirement plan documents to reflect EGTRRA.
The defined contribution plans kit and the defined benefit plans kit help guide plan sponsors through the steps involved in filing with the IRS a VCP application for failure to timely adopt a plan restatement. The kits contain all the necessary documents in one convenient place and include links to other helpful resources on the IRS website. Plans that may have operational mistakes in addition to missing the restatement deadline may need to follow additional procedures that are not explained in the submission kits.
For more information on the VCP application process, see Practice Note, Correcting Qualified Plan Errors under EPCRS and Correcting Plan Errors under EPCRS Checklist.