Retirement Plan Corrections

January 3, 2013 at 4:54 pm Leave a comment

New procedures for retirement plan corrections have been issued.  Located on the IRS website at http://www.irs.gov/Retirement-Plans/New-Revenue-Procedure-Updates-EPCRS, the page summarizes the changes which include new 403(b) plan and defined benefit pension plan related issues.  The page includes a direct link to the text of the revenue procedure at http://www.irs.gov/pub/irs-drop/rp-13-12.pdf.

I recommend Plan Sponsors have an Enrolled Retirement Plan Agent (ERPA) who has been tested and trained on correction process perform any needed corrections on their plan. An Enrolled Actuary specializing in defined benefit plan issues may be a better option for those retirement plans.  Likewise, an ERISA attorney may also be another good option depending on the complexity of the problem. I discuss more on determining provider qualifications in my book, A Short Guide to Finding a High Value, Low Fee Third Party Administrator (TPA) for Your Retirement Plan.

Thanks for reading and have a wonderful early weekend!   Please sign up for my blog and follow me on twitter @ChristineGurney.  Please like my facebook author page at http://www.facebook.com/ChristineGurneyHsiung.  If you have not already done so, please check out purchasing my book on amazon at http://www.amazon.com/Short-Guide-Finding-Value-Administrator/dp/147912821X/ref=sr_1_1?ie=UTF8&qid=1354850566&sr=8-1&keywords=christine+gurney+hsiung or from the publisher at https://www.createspace.com/3964647.

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

@ChristineGurney

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