Voluntary Correction of Retirement Plan Defects

On March 19, 2013, Morgan Lewis presented the first installment of the 2013 Plan Sponsor Basics webinar series, which focuses on the day-to-day issues that many plan sponsors face in the design and operation of their retirement plans.

This webinar discussed how to voluntarily correct defects that may arise with a plan's written terms or its operation, with a particular emphasis on the updated version of the Employee Plans Compliance Resolution System (EPCRS) voluntary correction program guidance that was recently issued by the Internal Revenue Service.

Topics included:

• A general overview of EPCRS and the structure of "component" programs (self-correction, voluntary compliance, and audit-cap programs)
• Key updates and refinements established as part of the updated version of EPCRS
• A walk-through of several common plan defects and corrections, including eligibility failures, automatic enrollment defects, and the failure to timely commence distributions at an employee's required beginning date