Compliance February 11, 2011

IRS Fees Cut for Some EGTRRA Plan Document Filing

Sponsors applying to the Internal Revenue Services' (IRS) Voluntary Correction Program (VCP) may be able to save some money in the process.
Reported by

The IRS announced that for those applying to correct the failure of not adopting a pre-approved EGTRRA plan by the April 30, 2010, a discounted fee of $375 applies to sponsors who file a VCP application on or before May 20, 2011 (postmarked within one year of the missed deadline).  The applying plans also must:

  • Have had no other plan qualification failures;
  • Have 20 or fewer people in their plan.

The EGTRRA plan adoption requirement involved pre-approved 401(k), profit-sharing, money purchase or other defined contribution plan documents. The VCP fee for these plans will be $750 after April 30, 2011, the tax agency said.

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The VCP Submission kit is at http://www.irs.gov/pub/irs-tege/0430_nonamender_submission_kit.pdf.

Deals & People February 11, 2011

Dial Departs JPMAM

Glenn Dial has left J.P. Morgan Asset Management to reportedly take a role with Allianz Global Investors.
Reported by

A spokeswoman for Allianz Global Investors confirmed Dial has taken the position, Head of Retirement Product Business Development.  

A spokesperson for JPMAM confirmed that Dial is no longer its National Sales Manager.

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Dial could not be reached for comment. 

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