Navigating the Distribution Correction Minefield

The Presentation:

One of the more challenging aspects of retirement plan administration is compliance with the numerous distribution rules. Because of the numerous distribution rules, the opportunity for a mistake is high. Fortunately, most distribution failures are operational and the employer can self-correct the failures. Unfortunately, EPCRS provides few correction methods for distribution failures, leaving practitioners to formulate their own corrections. The issue that makes distribution corrections even more difficult is taxation. Correction of a distribution failure may not change the taxation. In this meeting, we will address the more difficult failures and provide recommended correction methods for the failures.

•         Required minimum distribution failures – three correction options
•         Overpayment
•         Underpayment
•         Failure to provide the proper distribution notice
•          Failure to obtain participant/spousal consent for a distribution
•          Delayed distributions
•          Distribution prior to a distributable event (too early)
•          Discriminatory availability of a distribution option
•          Prohibited discretion over distribution options
•          Rollovers vs. Transfers
•          Required distributions

Our Speaker: Stephen Forbes, ERISA Attorney – Forbes Retirement Plan Consulting

Stephen is an ERISA attorney and educator with 33 years of experience practicing and teaching in the retirement plan area. Stephen is currently completing a book on retirement plan corrections. Mr. Forbes was vice president of SunGard Relius in charge of Relius Education. At SunGard, he taught seminars, conferences and web seminars on retirement plan compliance, design and correction. He also helped draft qualified plan, 403(b), 457(b), 409A and IRA documents and other forms. Mr. Forbes was the author of all of the editions of “The Form 5500 Filing Guide” and the co-author of “The Pension Library.” He also wrote articles and technical updates on all aspects of retirement planning. Stephen came to SunGard in the acquisition of Pension Publications of Denver (PPD) where he served as Vice President. Previous to working for PPD, Mr. Forbes was a Tax Law Specialist at the National Office of the Internal Revenue Service (Employee Plans Division) where he worked with Master/Prototype Plans, trained IRS employees, wrote IRS Notices and Revenue Rulings and participated in several Treasury regulations committees. After receiving his bachelor’s degree, Mr. Forbes graduated from Willamette College of Law. He then went on to obtain a Masters of Law degree in Taxation from the George Washington Law School.

Continuing Education: 

Doors open at 7:30 a.m. for check-in, breakfast and networking.  Our program will begin at 8:00 a.m. and this program will end at approximately 9:45 a.m.  The registration fee includes a full breakfast buffet and hosted valet parking.

The reservation deadline for this event is Friday, November 15.

WP&BC Members can bring a guest for free!  This is a wonderful opportunity to introduce your peers and colleagues to our Chapter.  Remember, your guest should be a first-time visitor and potential member.   Look for the free guest offer when you register online

The statements and materials presented at WP&BC Orange County Chapter events are solely the opinions of the speakers and do not represent the opinions or positions of WP&BC Orange County Chapter. In addition, WP&BC Orange County Chapter assumes no responsibility for the content or accuracy of the statements and materials presented by speakers at WP&BC Orange County Chapter events.