News & Analysis as of

Employee Plans Compliance Resolution System 403(b) Plans

403(b) Remedial Amendment Deadline Finally Set

by Seyfarth Shaw LLP on

On January 13, 2017, the IRS issued guidance setting March 31, 2020 as the last day of the remedial amendment period for 403(b) retirement plans. A remedial amendment period is a time frame during which an employer can...more

Remedial Amendment Period for 403(b) Plans

In Revenue Procedure 2017-8, the IRS announced that the remedial amendment period (“RAP”) for 403(b) plans would end on March 31, 2020. A RAP is a period in which a plan can be amended retroactively to comply with the...more

Employee Benefits Developments - November 2016

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November, 2016. ACA Information Reporting – Bad News and Good News - First, the bad news: The 2016 final...more

More and Less Expensive Options for Retirement Plan Corrections: New IRS Guidance on EPCRS

by Polsinelli on

In This Issue: - Rev. Proc. 2015-27 - Rev. Proc. 2015-28 - For More Information - Excerpt from Rev. Proc. 2015-27: Rev. Proc. 2015-27 may be used beginning March 27, 2015 and is effective July 1,...more

403(b) Plans – Correction Of Plan Errors

Final Internal Revenue Code Section 403(b) regulations issued December 31, 2009 require that plan sponsors adopt written 403(b) Plan documents. A 403(b) Plan is a form of defined contribution retirement plan that may only be...more

403(b) Plans – Correction Due To Loss Of Tax-Exempt Status

What happens if a tax-exempt organization becomes ineligible to sponsor a Section 403(b) Plan because it loses its exempt status under Internal Revenue Code Section 501(c)(3)? As an example, loss of tax-exempt status may...more

Expanded Guidance from IRS on 403(b) Plans

by Morgan Lewis on

IRS amends EPCRS, significantly affecting 403(b) plans, and issues guidance to assist 403(b) plan sponsors in identifying and correcting defects....more

IRS Issues New Correction Procedures for Retirement Plans

by King & Spalding on

The IRS recently released new Employee Plans Compliance Resolution System (EPCRS) procedures. The new EPCRS procedures update procedures that were last issued in 2008 (the “2008 EPCRS”). Like the 2008 procedures, the new...more

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

by 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

Recent Changes To The IRS Employee Plans Compliance Resolution System

by Perkins Coie on

To kick off 2013, the Internal Revenue Service (IRS) issued Revenue Procedure 2013-12 updating the Employee Plans Compliance Resolution System (EPCRS), the voluntary compliance program for employer-sponsored retirement plans....more

New and Improved Retirement Plan Correction Program Includes Crucial 403(b) Relief

On December 31, 2012, as Times Square in New York was getting ready to drop the crystal ball, the Internal Revenue Service (IRS) dropped long-awaited guidance regarding retirement plan corrections in the form of Revenue...more

IRS Updates Employee Plans Compliance Resolution System

by 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

Legal Alert: The Fix Is In: IRS Updates Retirement Plan Correction Programs

The Internal Revenue Service (IRS) provided some alternative entertainment on New Year’s Eve by releasing the long-awaited updated Employee Plans Compliance Resolution System (EPCRS) revenue procedure on December 31, 2012....more

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