In this practical webinar, you will learn the fundamental principles of correcting operational and plan document compliance failures in 401(k) and other qualified retirement plans under the IRS’s Employee Plans Compliance Resolution System. You will focus on the IRS’s expansion of EPCRS in its latest, April 19th, 2019 release, Revenue Procedure 2019-19. This update includes more retroactive plan amendments in self-correction where plan operations provided greater benefits or more liberal eligibility than the plan document, and to extend self-correction to many routine participant loan failures. You will also learn about additional situations in which retroactive amendments may be used to correct plan document failures with IRS approval in the voluntary correction program (“VCP”).

Upon course completion, you will be able to:

  • Recognize and classify the types of compliance failures that may occur in 401(k) and other qualified retirement plans, as well as 403(b) and 457(b) plans
  • Apply the correction principles of EPCRS to compliance failures
  • Determine which compliance failures may be self-corrected, and apply the rules for self-correction
  • Describe the new rules for self-correction of plan loan failures in SCP
  • Outline the new rules for retroactively amending plans in self-correction to conform plan language to plan operations retroactively
  • Describe the additional situations in which retroactive amendments can be used in the voluntary correction program (VCP) component of EPCRS
  • Adhere to the requirements for EPCRS’s Voluntary Correction Program (VCP) for compliance failures that do not qualify for self-correction
  • Outline the new rules for mandatory electronic submission of VCP applications
  • Determine the principles and costs of correction, including earnings calculations and 1099-R reporting issues
  • Describe how to communicate with plan participants regarding correction

Prerequisites: None

Program Level: Intermediate

Field of Study: Taxes – Technical, Business Law – Technical

Credit Type: Group Internet Based for the Live Program.

Faculty Member
Luke Bailey

Luke Bailey concentrates his practice in employee benefits law and executive compensation. He has extensive experience in the tax and fiduciary requirements of qualified retirement and other employee benefit and executive compensation plans of both private and public corporations and state and local governments. Mr. Bailey received his J.D. from the Berkeley School of Law at the University of California, and his A.B. at Occidental College in Los Angeles, California.

Faculty Member
Ed Hammond
Oakland County and American Bar Associations

Ed Hammond is a member of the Oakland County and American Bar Associations (taxation and business law sections), and the State Bar of Michigan (taxation section). His practice primarily involves employee benefits and executive compensation. It includes drafting, implementing, analyzing, and terminating defined benefit pension plans and defined contribution, profit sharing, and 401(k) plans, as well as Section 403(b) plans (tax sheltered annuities). Mr. Hammond also develops, designs, and implements non-qualified deferred compensation plans, 457 plans, stock option plans, and other incentive plans, and counsels clients regarding Internal Revenue Code Section 409A compliance. Mr. Hammond received his B.A from the University of Virginia, and his J.D. from Tulane University School of Law.

CLE Credits (Law)

CreditValueTypeFormat
NALA--Credit not available
NFPA--Credit not available
AL1.5 General
On-Demand/Recording
AK1.5 General
On-Demand/Recording
ARNot Available General
On-Demand/Recording
AZ1.5 General
On-Demand/Recording
CA1.5 General
On-Demand/Recording
CO1.8 General
On-Demand/Recording
CT1.5 General
On-Demand/Recording
DE1.5 General
On-Demand/Recording
FL2 General
On-Demand/Recording
GA1.5 General
On-Demand/Recording
HI1.5 General
On-Demand/Recording
IA1.5 General
On-Demand/Recording
ID1.5 General
On-Demand/Recording
IL1.5 General
On-Demand/Recording
IN1.5 General
On-Demand/Recording
KSNot Available General
On-Demand/Recording
KY1.5 General
On-Demand/Recording
LA1.5 General
On-Demand/Recording
ME1.5 General
On-Demand/Recording
MN1.5 General
On-Demand/Recording
MO1.8 General
On-Demand/Recording
MSNot Available General
On-Demand/Recording
MT1.5 General
On-Demand/Recording
NC1.5 General
On-Demand/Recording
ND1.5 General
On-Demand/Recording
NE1.5 General
On-Demand/Recording
NH1.5 General
On-Demand/Recording
NJ1.8 General
On-Demand/Recording
NM1.5 General
On-Demand/Recording
NV1.5 General
On-Demand/Recording
NY1.5 General
On-Demand/Recording
OH1.5 General
On-Demand/Recording
OK2 General
On-Demand/Recording
OR1.5 General
On-Demand/Recording
PA1.5 General
On-Demand/Recording
RI1.5 General
On-Demand/Recording
SCNot Available General
On-Demand/Recording
TN1.5 General
On-Demand/Recording
TX1.5 General
On-Demand/Recording
UT1.5 General
On-Demand/Recording
VANot Available General
On-Demand/Recording
VT1.5 General
On-Demand/Recording
WA1.5 Law and Legal Procedure
On-Demand/Recording
WI1.5 General
On-Demand/Recording
WV1.8 General
On-Demand/Recording
WY1.5 General
On-Demand/Recording

In some CLE states, the course will be submitted to the bar after you register. If for any reason the course is not approved, we will fully refund your registration fee. If a state is listed on this course, then we are confident the course fits that state's standards and already is or will be approved for credit.

HR Credits

CreditValueTypeFormat
HRCI1.5 General
On-Demand/Recording
SHRM1.5 General
On-Demand/Recording

Accounting Credits

CreditValueField of StudyFormat

Clear Law Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org. For more information regarding administrative policies such as complaint and refund, please see the tab above on our Money-Back Guarantee or contact us at 703-372-0550. 

CPE Credit - Maximum Credit Hours: Please see above. You must attend at least 50 minutes to obtain credit. Fields of Study: Please see above. Teaching Method: Lecture. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state’s regulatory board.

Clear Law Institute has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

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