ERISA Compliance Navigator-ERISA plan compliance assistant
AI-powered 401(k) plan compliance assistant
Upload a compliance document for analysis.
Can you confirm if I've understood your question?
What additional info do you have on this issue?
Which EPCRS program should be used here?
Related Tools
Load More
US Tax Law Navigator
Formal, professional US tax law expert.
MDR Navigator
Medical Device Expert on MDR 2017/745, IVDR 2017/746 and related MDCG guidance
ISO 27001 Copilot
Step-by-step guidance on ISO 27001 preparation.
HRIS Wizard
Generalist in Workday HCM, support for all areas
Regulatory Compliance Advisor
Up-to-date UK financial compliance & FCA regulation expert
HIPAA Expert
Provides expert guidance on HIPAA compliance and regulations, with up-to-date knowledge in healthcare cybersecurity and privacy.
20.0 / 5 (200 votes)
Introduction to ERISA Compliance Navigator
The ERISA Compliance Navigator is designed to assist plan sponsors, administrators, and compliance officers in ensuring adherence to the complex rules under the Employee Retirement Income Security Act (ERISA) and IRS regulations for 401(k) plans. It is built to guide users through processes like plan error identification, correction, and ongoing compliance under the Employee Plans Compliance Resolution System (EPCRS), with an emphasis on practical, real-world application of IRS correction programs. For example, if a plan sponsor fails to make required employer matching contributions, the Navigator can assist in determining whether the failure qualifies for self-correction under EPCRS, and recommend the appropriate corrective actions to avoid penalties or participant losses. By systematically addressing regulatory obligations, the tool helps users ensure their plans remain in compliance while avoiding costly audits or corrections under more severe IRS programs like the Audit Closing Agreement Program (Audit CAP).
Main Functions of ERISA Compliance Navigator
Error Identification and Correction Guidance
ExampleIf a 401(k) plan fails to perform required ADP or ACP testing, ERISA Compliance Navigator can guide the plan sponsor through corrective options such as making qualified non-elective contributions (QNECs) or switching to a safe harbor design to avoid future test failures.
ScenarioA company fails the ADP test in a 401(k) plan. The Navigator identifies this mistake, suggests a correction using QNECs, and helps implement changes to prevent future violations.
Program Selection for Compliance Resolutions (SCP, VCP, Audit CAP)
ExampleThe Navigator can recommend the use of the IRS’s Self-Correction Program (SCP) for minor administrative errors, such as missing elective deferrals, where no IRS approval is needed, saving time and costs compared to the Voluntary Correction Program (VCP).
ScenarioA plan sponsor mistakenly fails to include overtime in compensation calculations for deferrals. The Navigator recommends self-correcting this operational error under SCP by making corrective contributions and ensures no IRS reporting is required.
Preventive Compliance and Best Practices
ExampleThe Navigator can help set up reminders for filing deadlines like the Form 5500 or ensure correct handling of hardship distributions by cross-referencing plan documents with IRS regulations.
ScenarioA small business misses the Form 5500 deadline. The Navigator can help the sponsor correct the mistake by filing under the Delinquent Filer Voluntary Compliance Program (DFVC) to minimize penalties, and suggest calendar tracking to prevent future issues.
Ideal Users of ERISA Compliance Navigator
Plan Sponsors
Businesses sponsoring 401(k) plans benefit from ERISA Compliance Navigator by receiving precise, step-by-step guidance on correcting plan errors, ensuring compliance with IRS regulations, and avoiding penalties. It helps them navigate through common pitfalls such as missed employer contributions or improper compensation definitions for testing.
Third-Party Administrators (TPAs) and Compliance Officers
TPAs and compliance officers overseeing multiple plans can use the tool to systematically identify errors across clients and implement corrections efficiently. The tool supports them in ensuring clients avoid audits and stay compliant with ERISA requirements by offering automated checklists, reminders, and practical correction methods.
Steps to Use ERISA Compliance Navigator
1
Visit aichatonline.org for a free trial without login, also no need for ChatGPT Plus.
2
Gather plan details such as type (EACA, QACA), company contributions, eligibility period, and compliance dates to facilitate accurate plan evaluation.
3
Upload relevant documents (e.g., 401(k) Plan Fix-It Guides or compliance reports) to ensure the Navigator can review for common compliance errors.
4
Follow the Navigator’s prompts to explore potential errors, corrections under EPCRS (Self-Correction, Voluntary Correction), and possible penalties.
5
Use the insights to complete IRS filings, amend plan documents, and educate plan administrators on avoiding future compliance issues.
Try other advanced and practical GPTs
Flights
AI-powered travel insights for smart planning
Prompt Wiz 2.0
AI-Powered Prompt Crafting
Royalty-Free Stock Images
AI-powered stock images for everyone
Molly Mahoney's Social Media Marketing Secrets
AI-powered social media marketing secrets.
Sijo Muse-시조 짓기
AI-powered traditional Korean poetry generator
Epidemiology & Public Health Advisor
AI-Powered Public Health Insights
PromptEnhacer
Enhance Your Prompts with AI Precision
Text Refiner
AI-powered text refinement for clarity.
Statistics Tutor
AI-powered tutor for mastering statistics.
Maths Mastermind
AI-Powered Math Tutoring for All Levels
GPT Content Writing Expert For SEO For Ecommerce
AI-Powered SEO Content Creation
Summary Specialist
AI-powered text summarization for all your needs.
- Document Review
- Compliance Testing
- Penalty Avoidance
- Plan Corrections
- Reporting Guidance
Common Questions About ERISA Compliance Navigator
What does ERISA Compliance Navigator help with?
ERISA Compliance Navigator assists plan sponsors in identifying compliance errors in 401(k) plans, particularly under IRS and ERISA regulations. It helps ensure corrections using EPCRS and offers insights on how to avoid penalties.
What types of plan errors does it detect?
The Navigator identifies a variety of plan errors, such as missed employer contributions, incorrect hardship distributions, failing ADP/ACP nondiscrimination tests, and exceeding elective deferral limits (IRC 402(g)).
How does it suggest corrections?
The Navigator suggests corrections through EPCRS programs like Self-Correction (SCP) for minor errors and Voluntary Correction Program (VCP) for more significant issues. It also advises on penalty avoidance strategies.
Can it help with filing missed Form 5500?
Yes, it guides sponsors on the correction process for missed Form 5500 filings and refers to programs like the Delinquent Filer Voluntary Compliance Program (DFVC) to mitigate penalties.
Is professional assistance needed when using the Navigator?
While the tool is comprehensive, professional assistance might be necessary for interpreting complex corrections or submitting formal IRS filings like VCP submissions.