Is the plan operated based on the terms of the document? Operation defects are the most common problems found on audit, most notably eligibility, definition of compensation and vesting. If the mistakes are significant in the aggregate, the employer has a two-year Self -Correction period after which the plan must be corrected under the Voluntary Correction Program. If the mistakes are insignificant in the aggregate, the employer can make corrections beyond the two year period under Self Correction.
Posted on: Tue, 29 Apr 2014 19:05:13 +0000