Deposits & Deferrals
Correction Tools
Over the past several years, one Plan Sponsor made numerous deposit errors, along with late and/or missed deferral issues. We have worked with them each time to help them correct the deposits and calculate lost earnings using the most current IRS Employee Plan Compliance Resolution System (EPCRS) legislation in order to keep their plan compliant. We remain current on legislation so that we are equipped to help our clients when problems arise.
Step-by-Step Guidance
We assisted a client with the correction of an operational plan failure using the IRS Employee Plan Compliance Resolution System (EPCRS). The employer failed to implement a deferral election for an employee. We were able to advise on the appropriate correction method and to calculate the amount that the employer needed to remit to bring the plan into compliance. We guided the employer through the correction process and notification to the affected employee.