I have to say that I’ve been seen a huge uptick in 401(k) plans forced to submit Voluntary Compliance Program applications. Whether it’s failed implementation of plan documents or screwing up the definition of compensation, I can’t believe the uptick. This could be about more pro-active plan sponsors and plan providers, but this a boom time for my practice in submitting plans to the Internal Revenue Service. You can avoid Voluntary Compliance Program by identifying plan errors immediately, that will allow you to self-correct without having to shell out thousands of shekels in compliance and legal costs.
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