EPCU–Party-in-Interest Transaction Project

The Employee Plans Compliance Unit reports on its Party-In-Interest transaction.

Document Excerpt

The project goals were to determine whether filed Forms 5500 contained correctly reported non-exempt party-in-interest transactions and whether the related Schedules G and/or Forms 5330 were accurately prepared and timely filed when required.

The project selected returns with large reported non-exempt transactions, representing 253 plans with plan years that ended in 2003 and 2004. The EPCU sent compliance check letters to plans requesting further information on the reported transactions, and analyzed response to determine whether the plans were compliant. Where warranted, the EPCU required the plans to correct transactions and file or amend returns; the EPCU also requested examinations of some of the plans.

Link:

https://www.irs.gov/retirement-plans/employee-plans-compliance-unit-epcu-projects-with-summary-reports-party-in-interest-transaction-project

About Us

Benefits Forward is a news site for professionals in the field of employee benefits. Our goal is to provide the latest information about the benefits field and to host a community discussion regarding related issues.

Seminars, Conferences & Other Events

  • Sorry, there are no articles in this category.

Need Help Correcting Plan Errors?

Contact us for either consultation on how you can Self Correct or to propose cost effective correction methods using VCP. Or contact us to submit under VCP on your behalf or on behalf of your client. Contact us by email.