Posts Categorized: Fiduciary Issues

IRS Updates VCP User Fees

in Fiduciary Issues, IRS Examinations, Qualified Plans, Retirement Plans

By: Sterling Perkinson The IRS has revised its user fees for the Voluntary Correction Program (VCP) effective for submissions made on or after January 2, 2018.  VCP is an IRS program that allows plan sponsors to correct failures involving a qualified plan or a 403(b) plan with IRS approval. The new VCP fees are based on the net assets of the plan as reported on its prior Form 5500, as follows:   Net Assets VCP Fee $0-$500,000 $1,500 Over $500,000 to $10,000,000 $3,000 Over $10,000,000 $3,500   Prior to this change, a plan’s VCP fees were determined based on the… Continue Reading

DOL Signals Changes to Fiduciary Rule; SEC Commissioner Calls Rule “Misguided”

in Fiduciary Issues, Fiduciary Rule

By: Sterling Perkinson and Harrison Taylor The Department of Labor (DOL) has proposed an extension of the transition period of its Fiduciary Rule from January 1, 2018 to July 1, 2019. (See our prior blog post here). At the same time, the DOL signaled that significant changes will be made to the Fiduciary Rule and/or related exemptions prior to the end of the transition period. Streamlined Exemption Anticipated. The DOL noted in the preamble to proposed regulations extending the transition period that it “anticipates it will propose in the near future a new and more streamlined class exemption built in… Continue Reading