The Importance of Choosing an Enrolled retirement Plan Agent
The enrolled retirement plan agents (ERPA's) are trained specifically in pension law and belong to a distinguished group of pension experts. An enrolled retirement plan agent is skilled in the many changes of the pension law, rules and regulations. ERPA's are required to pass a difficult two part test covering the complexities of a multitude of pension plans and ERISA law. Further, ERPA's are also required to complete 75 credits and 6 ethics credits during a 3 year period to retain their ERPA status.
An ERPA can assist employers in selecting a pension plan that best suits the needs of their business taking into account their particular facts and circumstances. There are many variable such as maximizing deductions or minimizing contributions. Selection of the proper pension plan for your business is essential.
Once the pension plan is selected an ERPA can represent and assist their clients before the Internal Revenue Service to seek approval of the pension plan. An ERPA can represent their clients before the Internal Revenue Service with respect to Employee Plans Determination Letter program. Further, an ERPA can also represent their clients before the Internal Revenue Service under the Employee Plans Master and Prototype and Volume Submitter programs.
Most pension plans are required to file annual forms under the 5300 and 5500 series. An ERPA can represent their clients as it pertains to the filing, correction and resolution of difficulties with these forms before the Internal Revenue Service.
Problems may arise after the plan is approved and operating. The Internal Revenue Service Employee Plans may audit the plan and determine that the operation of the plan is in non-compliance. An ERPA can represent their clients before the Internal Revenue Service under the Employee Plans Compliance Resolution System. ERPA's can represent their clients at the audit level, Appeals, Collection, Counsel and other IRS offices.
I, Charlotte Edginton an ERPA, worked for the Internal Revenue Service for 35 years of which 15 of those years was working under Employee Plans issuing determination letters, auditing compliance and plan operation at both the examination and Appeals level. I traveled throughout the Western region resolving pension issues for the Internal Revenue Service.
I am also a Certified Pension Consultant (CPC) with the American Society of Pension Professionals and Actuaries (ASPPA).