July 10, 2018
On July 3, 2018, the IRS released updated model submission forms for its Voluntary Correction Program (VCP). The updated model forms (now dated June 2018) include: Form 14568-B (Other Nonamender Failures and Failure to Adopt a 403(b) Plan Timely), Form 14568-E (Plan Loan Failures including Qualified Plans and 403(b) Plans), and Form 14568- H (Failure to Pay Required Minimum Distributions Timely).
As background, the VCP is a self-correction program that allows an employer to apply to correct mistakes in either the plan document language or plan operations. The updated forms are used in conjunction with Form 1568 –The Model VCP Compliance Statement.
When needed, employers should use the updated model forms going forward. Please note that not all of the VCP model forms have been updated. Those that weren’t, seem to have been last updated in either August 2016 or September 2017.
For additional information about the VCP and the related forms, visit: https://www.irs.gov/retirement-plans/voluntary-correction-program-general-description
Form 14568-B » Form 14568-E » Form 14568-H »