Voluntary Correction Program (VCP)

  Written by Kristina Kananen The Voluntary Correction Program While IRS regulations are written with the expectation of perfection, with the specter of plan disqualification looming over a plan with failures, IRS has come to realize that no one is perfect.  Mistakes...

Self-Correction Process

  Written by Kristina Kananen There are so many rules and regulations associated with the administration of qualified retirement plans, that plan fiduciaries are hard pressed to operate an error-free plan, the requirement to maintain the qualified status of the plan. ...

Impact of State Laws on ERISA Plans

 Written by Kristina Kananen There is a truism with qualified retirement plans covered under ERISA (Employee Retirement Income Security Act) that works until it doesn’t – when it comes to retirement plans, ERISA is the supreme law of the land. It would be nice to...

Compensation in Qualified Plans

Written by Kristina Kananen The foundation of nearly every contribution, allocation or accrued benefit in a qualified retirement plan is based on a participant’s compensation. Compensation is remuneration for an employee’s services to the employer. The simplicity of...