Fixing Broken Plans
David Guadagnoli discussed the topic, "Fixing Broken Plans," at a program sponsored by The Connecticut Chapter of the National Institute of Pension Administrators (NIPA) on June 19, 2018.
The program focused on real world retirement plan problems frequently encountered and solutions frequently used, including compensation related issues, employee termination and distribution problems, loan administration foot-faults and deferral election failures. David also discussed less frequently encountered issues such as benefits, rights and features in controlled groups, UBIT considerations, using QSLOB and I.R.C. § 410(b)(6)(C) transition relief, Puerto Rico (and dual qualified) plans and restorative payments. Pros and cons of self-correction vs. use of IRS/DOL correction programs, as well as the tax and ERISA fiduciary considerations were addressed.