Summary of Plan Correction Programs
Common plan errors and the appropriate IRS or DOL program to use to fix them.
| Plan Error: | Apply to: |
Form 5500 late or missed filing |
DFVCP |
|
|
VFCP |
Participant loan failures (for example, loans that exceed the maximum permitted dollar amount) |
EPCRS VFCP (for certain failures - after using the EPCRS) |
Failure to timely amend plan to keep it updated with changes in the law |
EPCRS |
Plan operational errors arising from the failure to follow plan terms (for example, an employee who meets the plan’s eligibility requirements but is not allowed to participate) |
EPCRS |
Specified plan prohibited transactions (for example, sales or loans between the plan and a party in interest) |
VFCP |
Page Last Reviewed or Updated: 2013-04-16
