Compliance September 30, 2016

Updates to Correction Program Included in IRS Revenue Procedure

The revenue procedure updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of the Internal Revenue Code, but that have not met these requirements for a period of time.
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The Internal Revenue Service (IRS) has issued Revenue Procedure 2016-51, which updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of Sections 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code, but that have not met these requirements for a period of time.

The revenue procedure modifies and supersedes Revenue Procedure 2013-12, the prior consolidated statement of the correction programs under the Employee Plans Compliance Resolution System (EPCRS). It also incorporates certain modifications set forth in Revenue Procedure 2015-27, correction of overpayments and certain other topics, and Revenue Procedure 2015-28, correction of failures with respect to automatic contribution features and encouraging the early correction of employee elective deferral failures. In addition, this revenue procedure incorporates modifications to Revenue Procedure 2013-12 set forth in Revenue Procedure 2016-8, fees for voluntary compliance program (VCP) submissions generally moved to annual Employee Plans (EP) revenue procedure on user fees.                                                        

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The 119-page document addresses:

  • Modifications relating to changes in the determination letter program;
  • Changes to the Audit Closing Agreement Program (Audit CAP); and
  • Modifications relating to user fees.

The IRS invites comments on the revenue procedure, which will be published in Internal Revenue Bulletin (IRB): 2016-42, dated October 17, 2016.

The revenue procedure is effective January 1, 2017.

Products September 30, 2016

New Financial Wellness Solution Available to Employers

Mapping Your Future Financial Solutions features extensive flexibility and customization, allowing organizations to meet the specific financial education needs of their audience.
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Money Management International (MMI), a nonprofit credit and debt counseling organization, launched Financial Solutions, a new financial wellness product under its Mapping Your Future line of services (MappingYourFuture.com).

Mapping Your Future Financial Solutions is designed to help employers address the financial needs of their employees. It may also be used by credit unions, banks, and other organizations to address the financial needs of their members or customers.

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Through one-on-one counseling and a variety of online tools and resources, Mapping Your Future Financial Solutions assists users in overcoming current financial issues and preventing future setbacks.

“True financial wellness benefits consumers and organizations alike,” says Ivan Hand, President and CEO of MMI. “By reducing financial stress and providing a clear path out of crisis, financial wellness gives individuals and the organizations that employ or serve them a better chance to thrive.”

Recognizing that not all consumer groups are the same, Mapping Your Future Financial Solutions features extensive flexibility and customization, allowing organizations to meet the specific financial education needs of their audience.

The program includes access to one-on-one financial counseling, mobile-friendly online educational courses, webinars, a library of personal finance articles, videos, calculators, and quizzes, dedicated partner support and comprehensive usage reports. 

For more information or to schedule a demonstration, contact Jeff Davis at 817.302.4726 or Jeff.Davis@MoneyManagement.org.

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