Question 1

What is SCP?

Accepted Answer

SCP, or the Self-Correction Program, is a voluntary correction program offered by the Internal Revenue Service (IRS) that allows plan sponsors to self-correct certain operational failures in their qualified retirement plans without having to pay a fee or submit their plan to the IRS for review.

Question 2

What is VCP?

Accepted Answer

VCP, or the Voluntary Correction Program, is a voluntary correction program offered by the IRS that allows plan sponsors to correct certain plan failures and avoid potential plan disqualification. This program requires the payment of a compliance fee, but it allows the plan sponsor to correct the failure and receive IRS approval.

Question 3

What is Audit CAP?

Accepted Answer

Audit CAP, or the Audit Closing Agreement Program, is a correction program offered by the IRS that allows plan sponsors to correct plan failures identified during an IRS audit. This program typically requires the payment of a negotiated sanction, but it allows the plan sponsor to avoid potential plan disqualification.

Question 4

What is Walk-In CAP?

Accepted Answer

Walk-In CAP, or the Walk-In Closing Agreement Program, is a correction program offered by the IRS that allows plan sponsors to voluntarily correct certain plan failures and enter into a closing agreement with the IRS. This program requires the payment of a compliance fee, but it allows the plan sponsor to correct the failure and receive IRS approval.

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KLB Benefits Law Group

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What is SCP?

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What is Audit CAP?

What is Walk-In CAP?

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