Message from the Firm
By Nick White
This month, Bruce Ashton and I will be taking on new responsibilities with the American Society of Pension Actuaries (ASPA). For many years, Bruce has been an active member of ASPA, serving on the Executive Committee and as Co-Chair of the Government Affairs Committee. Now, Bruce will take on the important position of President for 2003-2004. Congratulations, Bruce! And, I will take over as Chair of ASPA's IRS Subcommittee, having served as the prior Vice-Chair of the Subcommittee. The Subcommittee monitors the audit and regulatory activities of the IRS, and provides written comment to the IRS and Treasury on those issues.
Correcting defects in qualified plans and assisting plan sponsors with IRS audits and DOL investigations continue to be an active part of our ERISA practice. In our first article, Debra Davis and I discuss a recent case in which we assisted a plan sponsor in correcting a defect regarding matching contributions. The problem is common; however, our proposed method of correction was not. And, in order to secure the desired method of correction, we had to address competing IRS correction principles.
In our second article, Nick Waddles discusses a change in the Form 5500 that may trigger more DOL investigations. The change is a subtle one, and concerns whether a plan sponsor has timely deposited employee deferrals.
Finally, we have attached to this newsletter the most recent article Fred Reish, Bruce and I wrote for the Journal of Taxation regarding the latest changes to EPCRS (also available on our web site at www.reish.com/pa/benefits/jtax_sept03.cfm).
As always, we welcome your comments and questions. Please let us know if we can be of assistance to you or your clients.
Reprinted with permission,
© 2003 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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