A 403(b) plan sponsor may use the Voluntary Correction Program (VCP) under EPCRS to correct a failure to timely adopt a written 403(b) plan document.
What does VCP stand for?
VCP stands for Voluntary Correction Program (IRS)
This definition appears very rarely and is found in the following Acronym Finder categories:
- Military and Government
See other definitions of VCP
We have 130 other meanings of VCP in our Acronym Attic
- Vista Codec Package (software)
- Visual Comfort Probability (interior lighting)
- Vitrified Clay Pipe
- VMware Certified Professional
- Voice Content Provider (voice portal content provider)
- VoIP (Voice over Internet Protocol) Control Panel
- Volume Coverage Patterns
- Voluntary Cleanup Program
- Voluntary Contribution Premium (insurance)
- Voluntary Cooperation Programme (meteorology)
- Vice Captain-Elect (US Coast Guard Auxiliary)
- Verticillium Chlamydosporium
- Victorian Country Press Association (Australia)
- Virginia Citizens Planning Association (Richmond, VA)
- Virginia College Personnel Association (est. 1969)
- Virginia Consumer Protection Act
- Virginia Crime Prevention Association (Chesterfield, VA)
- Vote Count Protection Act of 2006 (Georgia)
- Valley Community Preservation Commission (New Mexico)
- Vancouver Canoe Polo Club (Canada)
Samples in periodicals archive:
Recognizing that disqualification destroys the ability of a plan to provide retirement benefits, the IRS has established an Employee Plans Compliance Resolution System, which has three methods to address errors in your plan: * Audit Closing Agreement Program (Audit CAP) * Self-Correction Program (SCP) * Voluntary Correction Program (VCP) Correcting Under Audit CAP Under Audit CAP, the IRS will re-qualify your plan if you: * Fix the problems the IRS has discovered.
Nascent Voluntary Correction Program In December 2007, the IRS issued Notice 2007-100.
To enforce the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), PWBA investigates employee benefit plans, conducts public education, and has begun a new voluntary correction program.
Issues to be discussed include: -- Latest trends in financial education -- Potential health care liability -- Trends in executive compensation -- Using Internal Revenue Service (IRS) and Department of Labor (DOL) voluntary correction programs -- Keeping plans in compliance with IRS and DOL requirements To schedule an interview with Martha Priddy Patterson, please contact Dan Mucisko, KPMG, at 201-505-3539 or Billee Howard, Shandwick, at 212-591-9823.
2006-27, which governs the Employee Plans Compliance Resolution System, its voluntary correction program for employee retirement plans.
EPCRS includes the Self-Correction Program (SCP), the Voluntary Correction Program (VCP) and the Audit Closing Agreement Program (Audit CAP).
THE EPCRS CONSISTS OF THREE DISTINCT PROGRAMS: the self-correction program (SCP), the voluntary correction program with service approval (VCP) and the correction on audit (Audit CAP).