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VCP |
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For orphan plans, an eligible party may correct plan defects either through VCP or Audit CAR Eligible parties include court-appointed representatives, a "qualified termination administrator" appointed in accordance with Department of Labor (DOL) regulations, or the surviving spouse of a sole participant in a plan that covers only the owner of a business (and possibly the spouse, too). The Eagle VCP would insert a checkpoint team anywhere in the area of operations on short notice. THE VCP ENABLES RETIREMENT PLAN SPONSORS, at any time prior to an IRS audit, to voluntarily disclose qualification failures they've discovered, pay a fee and receive approval for correction. |
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