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Correcting Nonamenders: Restatement and Other Amendment Failures
Presentor: Stephen Forbes Recorded Date: 9/21/2010 Duration: 100 Min.

Description
This is a recording of a 100-minute program that was presented live July 27, 2010.

Now that the April 30, 2010, prototype/volume submitter EGTRRA restatement deadline has passed, practitioners are faced with the unpleasant task of updating plans for employers who “missed the boat.” Individually designed plan users must apply the cyclical restatement rules on an ongoing basis. In addition, practitioners continue to encounter plans of employers who have failed to make required interim amendments (e.g., PPA, the final 415 regulations), or those who have failed to timely adopt a discretionary amendment.

In this Web seminar, we will review the timing rules for restatements, required amendments and discretionary amendments. We'll show you how to fix each type of failure, and we'll demonstrate the simplified VCP filing process and provide a sample VCP application.

In an imperfect world in which employers fail to make timely plan amendments, this seminar will give you the tools you need to correct nonamender failures before the IRS audits the plan and demands significantly higher financial penalties.

Topics include:

  • The remedial amendment period
  • Restatement timing requirements
    • Pre-approved plans
    • Individually designed plans
  • Interim amendments
  • Discretionary amendments
  • Amendment timing requirements
  • Correction process/Streamlined VCP submission
  • VCP application and user fees

Speaker: Stephen W. Forbes, J.D., LL.M.
Author of The 5500 Filing Guide

Prerequisites: There are no prerequisites or other advanced preparation for this program, although general familiar with the documentation requirements of qualified plans will be helpful.

Level: Intermediate

Instructional Delivery Method
Recorded playback of live presentation.

Objectives: After attening the Web seminar, attendees should be able to:

  • Explain the effect of the remedial amendment period
  • Explain the difference between an interim amendment and a discretionary amendment
  • Identify the proper application for a particular nonamender failure
  • Prepare an application for a VCP submission of a nonamender failure using Schedule 1 (interim amendment failure)
  • Prepare an application for a VCP submission of a nonamender failure using Schedule 2 (late restatement failure)
  • Determine the applicable VCP user fee, including applicable discounted fees
  • Process a VCP application under EPCRS

System Requirements:

  • Windows 95, 98, NT 4.0 , 2000, XP
  • Internet Explorer 4.01 or later, Netscape 4.08 or later
  • 56K modem connection or better (128K recommended)
  • Pentium 166+ MHz, 128MB RAM or more
  • 800x600 or higher display resolution
  • Soundcard, Speakers

Recorded Event Time Limitation:
This recorded event will be available for 20 days from your date of registration.

Program related requests, questions, or concerns may be e-mailed to: relius.education@sungard.com.

 


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