News & Analysis as of

IRS Continues to Expand, Encourage and Simplify Correction Program in 2015 Updates to EPCRS

In spite of a plan sponsor's best efforts, errors and failures in administering a retirement plan occasionally come to light. We hear about these errors and failures usually following a change in administration, service...more

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

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

Correcting Problems With Your Retirement Plan [Video]

Presented by Caryn McNeill, Craig Wheaton and Jamie Hinkle The rules that apply to qualified retirement plans are complex. Not surprisingly, plan sponsors determine with some regularity that their plans have a compliance...more

EPCRS Updates: New Guidance Eases Administration of Plan Corrections

The Internal Revenue Service (IRS) has released two Revenue Procedures providing guidance under the Employee Plans Compliance Resolution System (EPCRS) that will facilitate the correction of certain retirement plan defects....more

IRS Modifies its Voluntary Retirement Plan Correction Procedures (EPCRS)

Under the IRS’s Employee Plans Compliance Resolution System (EPCRS), retirement plan sponsors may voluntarily request that the IRS approve certain corrections to a variety of plan administration errors before those errors are...more

Locke Lord QuickStudy: IRS Changes Retirement Plan Correction Program (EPCRS)

The Internal Revenue Service (IRS) recently issued two revenue procedures that modify the Employee Plans Compliance Resolution System (EPCRS). EPCRS sets forth the various correction programs and correction methodologies for...more

IRS Issues Updates to Employee Plans Compliance Resolution System

In recent weeks, the IRS has issued two updates to its Employee Plans Compliance Resolution System (EPCRS). EPCRS allows plan sponsors to correct many documentary and operational errors that otherwise might jeopardize a...more

IRS Provides New Flexibility to Correct Retirement Plan Errors

The IRS recently issued important updates to its Employee Plans Compliance Resolution System (EPCRS). The updates are contained in Revenue Procedures 2015-27 and 2015-28. ...more

IRS Provides Relief for Correction of Elective Deferral Mistakes in 401(k) Plans

The IRS recently announced changes that make it significantly easier to correct employee deferral mistakes (also known as elective deferrals) in qualified retirement plans. The changes make modifications to the IRS’ Employee...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

Monthly Benefits Alert - March 2015

Retirement Plans - IRS Modifies its Voluntary Retirement Plan Correction Procedures (EPCRS) - Under the IRS’s Employee Plans Compliance Resolution System (EPCRS), retirement plan sponsors may voluntarily request...more

IRS Relaxes Correction Requirements for Elective Deferral (But Not After-Tax Contribution) Failures under EPCRS

Less than a week after issuing significant modifications to the Employee Plans Compliance Resolution System (EPCRS) (as described in our March 31, 2015 blog), the Internal Revenue Service (IRS) further modified EPCRS through...more

IRS Modifies EPCRS Guidelines, Requests Comments on Overpayment Correction

On March 27, 2015, the Internal Revenue Service (IRS) released Revenue Procedure 2015-27, which modifies, effective July 1, 2015, prior guidelines under the Employee Plans Compliance Resolution System (EPCRS). The IRS...more

Employee Plans Compliance Resolution System – Q&A #2

If an employer unintentionally fails to comply with the qualification requirements of the Internal Revenue Code with respect to its qualified plan, the employer may be able to avoid disqualification of the retirement plan if...more

The New, New (EPCRS Voluntary Correction) Thing: 457(b) Plans

The IRS’s Employee Plans Compliance Resolution System (or “EPCRS”) permits corrections, both voluntary and on audit, of a broad range of “qualification failures” — i.e., violations of sometimes arcane and complex tax rules —...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

Expanded Guidance from IRS on 403(b) Plans

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

IRS and US Department of Labor Continue to Expand, Encourage and Simplify Correction Programs in 2013 Updates to EPCRS and DFVCP

Plan sponsors know that errors and failures in administering a retirement plan happen. All too often, changes in administrators, service providers and other staff uncover errors and compliance problems that should be...more

IRS Issues New Correction Procedures for Retirement Plans

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

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

IRS Updates and Expands Qualification Correction Program

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

It Just Got Easier to Fix Your Ailing Retirement Plan

Properly maintaining and administering a retirement plan is a difficult task for most employers. Despite even extreme vigilance, things often go wrong. The list of potential plan errors is endless, and plan sponsors face very...more

Recent Changes To The IRS Employee Plans Compliance Resolution System

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

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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