Message from the Firm
By Nick White
It's Summer 2004, and for our ERISA Department that means Bruce Ashton is three quarters of the way through his term as President of the American Society of Pension Actuaries (ASPA). We congratulate Bruce on a successesful term thus far, and particularly on his ability to balance both the demands of ASPA and a substantial ERISA practice. I am also at the three-quarters point in my initial year as Chair of ASPA's IRS Subcommittee. This October, I will take a one-year leave of absence from this position to serve as General Chair of ASPA's Conferences Committee. Of course, I will continue to serve on ASPA's Board of Directors.
Correcting defects in qualified plans, 403(b) arrangements and SEPs, and assisting plan sponsors with IRS audits and DOL investigations, continue to be an active part of our ERISA practice. In our first article, Marty Heming addresses the IRS' recent issuance of guidance and establishment of an examination program designed to crack down on 412(i) plan "schemes." Marty discusses a 412(i) plan that violated the rules and came under an IRS examination, and the analysis he undertook to formulate and implement a successful method of correction under the Audit Closing Agreement Program.
In our second article, Nick Waddles discusses how to analyze and voluntarily correct GUST non-amender defects under the Employee Plans Compliance Resolution System (EPCRS). Nick explains that failing to timely file for a favorable determination letter ruling does not necessarily mean the plan is subject to disqualification.
As always, we welcome your comments and questions. Please let us know if we can be of assistance to you and/or your clients.
Reprinted with permission,
© 2004 Reish Luftman Reicher & Cohen. All rights reserved. The ERISA Audit Report is published as a general informational source. Articles are general in nature and are not intended to constitute legal advice in any particular matter. Transmission of this report does not create an attorney-client relationship. Reish Luftman Reicher & Cohen does not warrant and is not responsible for errors or omissions in the content of this report.
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