Gilliam Bell Moser Retirement Plan Services is one of very few firms that specializes in complex IRS Voluntary Correction Program (VCP) submissions. Because of this expertise, we are often called upon to correct problems or failures discovered by an audit, perceptive HR department or concerned CFO.
Sometimes our work involves investigation and problem discovery. In other cases, the problem is already identified and we are brought in to fix it.
Unfortunately, errors involving the use of inaccurate compensation definitions, compliance testing and allocations are common — and can take years to untangle. Plan sponsors are required to address and correct these errors quickly, or risk fees, penalties and plan disqualification.
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Karen Mills, QKA