Oops! Scriveners' Errors: What Should Be Done With Them?
Like an ugly wine stain on an expanse of otherwise pristine white carpet, a scrivener's error is a problem, an embarrassment, begging for attention. The current dilemma facing plan sponsors and their advisers is what to do with them? Should, or must, they be professionally cleaned (that is, cor...
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Published in | Journal of pension benefits Vol. 11; no. 3; p. 11 |
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Main Author | |
Format | Journal Article |
Language | English |
Published |
New York
Aspen Publishers, Inc
01.04.2004
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Subjects | |
Online Access | Get full text |
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Summary: | Like an ugly wine stain on an expanse of otherwise pristine white carpet, a scrivener's error is a problem, an embarrassment, begging for attention. The current dilemma facing plan sponsors and their advisers is what to do with them? Should, or must, they be professionally cleaned (that is, corrected with considerable effort and expense under the IRS's Voluntary Correction Program - VCP) or is it okay to just cover them up (by retroactively "correcting" the errors on an "informal" basis)? In light of the IRS's current position - essentially, that there are no such things as scriveners' errors - the resolution of this dilemma can be very tricky and sometimes costly. This article focuses exclusively on the tax qualification aspects of scriveners' errors. Sponsors and practitioners must always remember that changes in plan documents, including scrivener's errors, will also have important implications for purposes of Title I or ERISA. The Title I issues are not addressed here. [PUBLICATION ABSTRACT] |
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ISSN: | 1069-4064 |