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Master and Prototype Plan Sponsors - Responsibilities and Tips - Tip #10

10. Use the Employee Plans Compliance Resolution System to avoid and correct plan errors

Tip

Potential Concerns

Use the Employee Plans Compliance Resolution System to avoid and correct plan errors

Keeping a plan compliant in form and operation requires time and effort. Even with the best preventative monitoring in place, mistakes can be made. The goal is to catch those errors as soon as possible and help the adopting employer correct them using EPCRS.

Learn from errors others have made and help your adopting employers incorporate internal control procedures to prevent them from making those same mistakes. There are also special rules for M&P sponsors to correct plan errors in a group submission under EPCRS. 

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Page Last Reviewed or Updated: 01-Aug-2014