We’re all human, and humans make mistakes — thus, why pencils have erasers, games allows mulligans and the IRS offers the Voluntary Correction Program.
VCP, which gives retirement plan sponsors the opportunity to self-correct tax missteps before they balloon into complex and costly problems, is greatly valuable to benefits pros.
But, of course, humans being humans, even when working within VCP to correct plan mistakes, plan sponsors naturally … make mistakes. So, the IRS recently released a tip sheet to help plan sponsors avoid common errors in VCP submissions.
Correcting a mistake while correcting a mistake? It’s almost like a benefits version of “Inception.”
That said, make like Leonardo DiCaprio and check out the IRS tips for mistake-free VCP submissions here. And as always, leave your thoughts in the comments about your company’s strategy for avoiding retirement plan errors.
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