Thursday, August 21, 2008

Tip of the Day

Everyone makes mistakes, and the IRS understands. The agency is enhancing its voluntary correction program for qualified retirement plans, effective Jan. 1, 2009, although plan sponsors can begin applying the new program guidelines as early as Sept. 2.

3 comments:

Stefan Smith said...

This development is actually an Internal Revenue Service action, not a Department of Labor action. It is the IRS that maintains the Voluntary Correction Program (VCP) under its Employee Plans Compliance Resolution System (EPCRS).

Anonymous said...

Uh, it's the IRS, not DOL.

EBN Editor Kelley M. Butler said...

Thanks to all who corrected us on this. We've fixed the original post so no more readers are misinformed.