As of April 1, employers seeking to use the IRS Voluntary Correction Program (VCP) to fix retirement plan errors must electronically submit the application and user fee by filing Form 8950 on the US Treasury Department’s Pay.gov website. The updated form and instructions for these filings now allow a plan sponsor’s authorized representative to sign and submit the application.
The form is little changed from the previous paper version, with most changes simply accommodations for electronic filing. However, filers should take note of the following: