News & Analysis as of

Defined Contribution Plans Voluntary Correction Program

Morgan Lewis

Relaxed IRS Self-Correction Rules a Boon for Plan Sponsors—and an Opportunity to Correct Failures Now

Morgan Lewis on

On July 16, 2021, the Internal Revenue Service (IRS) released Revenue Procedure 2021-30, which made several important changes to the Employee Plans Compliance Resolution System (EPCRS) and expanded the ability of plan...more

Jackson Walker

Qualified Retirement Plan Correction Program Expanded and Revised

Jackson Walker on

The Internal Revenue Service updated and expanded the ability to correct plan operational and document defects with the new and improved Employee Plans Compliance Resolution System (Rev. Proc. 2021-30) (EPCRS). Issued and...more

Bradley Arant Boult Cummings LLP

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

Littler

The IRS's Retirement Plan Correction Program Has Been Updated and Expanded

Littler on

On December 31, 2012, the IRS issued Revenue Procedure 2013-12, which updates and expands the IRS's Employee Plans Compliance Resolution System (EPCRS) – the IRS's "fix-it" program for retirement plan errors. Every few years,...more

McDermott Will & Emery

IRS Updates Employee Plans Compliance Resolution System

McDermott Will & Emery on

The Internal Revenue Service (IRS) recently updated the Employee Plans Compliance Resolution System (EPCRS), the comprehensive system of correction programs for sponsors of qualified retirement plans. The components of EPCRS...more

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