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Speakers explain the forum recording notice, participation requirements for certificates, eligibility for continuing education credits, and provide guidance for accessing related IRS materials and newsletters. 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The tax advice and statements contained herein should not be relied upon for retirement planning purposes without first consulting a tax or retirement planning professional. This transcript has been edited for technical accuracy and may differ slightly from the audio recording of the EPCRS phone forum. This information is current as of August 25, 2011. Since changes may have occurred, no guarantees are made concerning the technical accuracy after that date.  \nModerator: Ladies and gentlemen, thank you for standing by, and welcome to the EPCRS Phone Forum. As a reminder, today’s conference is being recorded. I would now like to turn the conference over to your host, Mr. Mark O’Donnell. Please go ahead, sir.  \nM. O’Donnell: Hi, everyone. I’m Mark O’Donnell, Director of Customer Education and Outreach for IRS Employee plans. Welcome to our EPCRS Phone Forum. Today we’ll be hearing from Avaneesh Bhagat, Voluntary Compliance Group Manager, and Stephanie Bennett, Voluntary Compliance Tax Law Specialist. Both are involved in reviewing and resolving submissions under the Voluntary Correction Program.  \nBefore we start, I’d like to point out a couple of things. Everyone registered for this forum will receive a certificate of completion by e-mail approximately one week after the forum. You must attend the entire live forum to receive a certificate. Enrolled agents, enrolled retirement plan agents and enrolled actuaries are entitled to continuing professional education credits for this session. Other types of tax professionals should consult their licensing organization to see if this session qualifies for continuing professional or educational credit.  \nFor more information regarding the Employee Plans Voluntary Compliance Program, please visit the retirement plans website [at www.irs.gov/ep. You can also get](at www.irs.gov/ep. You can also get) there by going to the main IRS webpage and clicking on the Retirement Plans Community tab along the top. Look to the lefthand navigation bar and click on Correcting Plan Errors. While visiting our website, you might also want to subscribe to our free electronic newsletters. The link for newsletters is also in the left-hand navigation bar. We have two newsletters, the Retirement News for Employers is for small employers sponsoring a retirement plan, and the Employee Plans News for retirement plans professionals. So without further ado, here are Avaneesh Bhagat and Stephanie Bennett.  \nA. Bhagat: Hello, everybody. Thank you for your participation in this forum. The plan is that we’ll start briefly with the Power Point slides. I hope all of you have—were able to access those successfully. And then, we’ll move from that pretty quickly and get to the questions submitted by you all for the forum, and we would like to thank you for the questions that you put forth before us, so there’s a good variety. And so, we’d like to get to them reasonably quickly.  \nINTERNAL REVENUE SERVICE Host: Teresita Laureano  \nAugust 25, 2011/2:00 a.m. EDT Page 2  \nAnd then, after that, if time permits, we’ll get back to the issues, some of the issues discussed in the slides, but you’ll find that the slides are pretty self sufficient. Just to give you an overview, the first 21 slides discuss the correction programs that form EPCRS, the Employee Plans Compliance Resolution Systems. After that, slides 22 through 28 deal with issues related to 401(k) plans, finding, fixing and avoiding mistakes relating to 401(k) plans. And then after that, from slide 29 onwards, there’s a discussion of selected correction issues in more detail. The summary of those correction issues can be found in slide 29. Then after that, the discussion follows from slide 30 onwards, pretty much to the end of the Power Point prese","cbCaic15tTVjNnHS","https://ap.wps.com/l/cbCaic15tTVjNnHS","pdf",105613,18,"English","# Opening and forum logistics\n## Host introduction and participant information\n# EPCRS overview and slide agenda\n## Correction programs and rule framework\n# Rev. Proc. updates and 403(b) limitations\n## Expected future guidance","[{\"question\":\"What is the EPCRS Phone Forum and what framework does it reference?\",\"answer\":\"The EPCRS Phone Forum presents an overview of the Employee Plans Compliance Resolution System and the correction rules under Revenue Procedure 2008-50.\"},{\"question\":\"Who are the speakers and what is their role?\",\"answer\":\"Mark O’Donnell hosts, and Avaneesh Bhagat and Stephanie Bennett discuss and review submissions under the Voluntary Correction Program.\"},{\"question\":\"When is the information current and how are updates expected to change it?\",\"answer\":\"The transcript states it is current as of August 25, 2011, and it notes changes may occur after that date. It also explains that an expected update will reflect the written plan requirement under the final 403(b) regulations.\"}]","EPCRS Phone Forum Transcript - August 25, 2011 | PDF",1790413239,45]