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...

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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. ...

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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...

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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...

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Cybersecurity and the DOL/EBSA

Written by Kristina Kananen Cybersecurity and the DOL/EBSA  Part One    The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) has issued guidance to fiduciaries as to what the agency expects fiduciaries to do to ensure the safety of the...

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Qualified Plan Record Retention

Written by Kristina Kananen Over the years Plan Sponsors, Plan Administrators and Plan Trustees, (the Plan Fiduciaries) can amass a large amount of data and records.  What to keep and what to destroy of those records is an annual dilemma as many determine if they are...

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State-Run Retirement Plans

Written by Kristina Kananen The average retiree in the United States receives $1,200 per month in Social Security income.  It has dawned on state legislatures that it is not possible in our current economy for a retiree to survive with any sense of financial security...

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