News & Analysis as of

Benefit Plan Sponsors Voluntary Correction Program

We Have A Mistake In Our Retirement Plan - What Do We Do?

by Kiesewetter Law Firm on

Plan Sponsors often make mistakes, many of which are inadvertent, regarding employees’ defined benefits and contribution plans. Once the Internal Revenue Service (“IRS”) discovers these mistakes, it could audit the plan...more

April 30 Deadline to Restate Pre-Approved Plans

Sponsors of pre-approved defined contribution retirement plans are generally required to sign new plan documents that incorporate changes required by the Pension Protection Act on or before April 30, 2016. Defined...more

IRS Provides Helpful Updates to Retirement Plan Correction Program

by Reed Smith on

The IRS has issued Revenue Procedures 2015-27 and 2015-28 (“Rev. Proc. 2015-27” and “Rev. Proc. 2015-28”), which modify the IRS’ retirement plan correction programs known as the Employee Plans Compliance Resolution System...more

Easier, Less Costly Alternatives for Correcting Retirement Plan Mistakes

In two recent Revenue Procedures, the Internal Revenue Service (IRS) has modified the Employee Plans Compliance Resolution System (EPCRS), the IRS correction program for retirement plans. Revenue Procedure. 2015-27 reduces...more

Is There An Elephant In The Room?

by Fisher Phillips on

401(k) Plan documents can read like Russian novels. They are often long and difficult to understand, so it’s no surprise that administrative errors in operating such plans happen frequently. Common errors include omitting or...more

The IRS Releases Revised Retirement Plan Correction Program

by Snell & Wilmer on

On New Year’s Eve, the IRS issued its long-awaited update to the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2013-12. The EPCRS is an important IRS program that plan sponsors use to correct...more

IRS Updates and Expands Qualification Correction Program

by Morgan Lewis on

New provisions for correcting operational and plan document errors take effect on April 1. On December 31, 2012, the Internal Revenue Service (IRS) updated its Employee Plans Compliance Resolution System (EPCRS) through...more

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