News & Analysis as of

Employee Plans Compliance Resolution System Internal Revenue Service

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 Legislation Proposed (But Not Passed) by the Obama Administration

by Jackson Walker on

In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more

Are Individually Designed Retirement Plans Destined to Become Dinosaurs?

by Sherman & Howard L.L.C. on

The Impact of Changes to the IRS Determination Letter Program - This January 2017 will see the last regular IRS determination letter applications filed for individually designed retirement plans. After this final Cycle A...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

New IRS Corrections Guidance Puts A Premium On Careful Qualified Plan Drafting

On September 29, 2016, the Internal Revenue Service (IRS) issued Revenue Procedure 2016-51 (Rev. Proc. 2016-51), which updates the Employee Plans Compliance Resolution System (EPCRS) and changes how sanctions will be...more

IRS Restates EPCRS Correction Methods and Procedures

by McDermott Will & Emery on

The Internal Revenue Service recently issued Revenue Procedure 2016-51, a new version of the Employee Plans Compliance Resolution System (EPCRS) to consolidate and update its prior guidance regarding how to correct of errors...more

The ERISA Litigation Newsletter - October 2016

by Proskauer Rose LLP on

Editor's Overview - This month, we look at the implications of the two federal district court cases from California that applied the ban on discretionary clauses typically found in ERISA plans to self-insured plans. The...more

The IRS Voluntary Compliance Program Is Like Your Parents

by Ary Rosenbaum on

As a child, you’re usually told by your parents that they just want to hear the truth and that telling the truth is going to carry a far less punishment than if you lie and try to hide whatever bad thing you do. The...more

IRS Overhauls the Retirement Plan Correction Program

by Bryan Cave on

With the looming end of the determination letter program as we know it, the IRS has issued an updated Revenue Procedure for the Employee Plans Compliance Resolutions System (EPCRS). Released on September 29, 2016, Rev. Proc....more

IRS Provides Guidance for the Post-Determination Letter Era

In July of 2015, the IRS announced that it would end its regular determination letter program for individually designed plans effective January 1, 2017. At the time of this announcement, many plan sponsors and other...more

Maintaining Retirement Plan Documents after Revenue Procedure 2016-37

by McDermott Will & Emery on

At the 2016 Joint Fall CLE Meeting on October 1, 2016, Andrew Liazos presented on “Maintaining Retirement Plan Documents after Revenue Procedure 2016-37.” As an employer sponsoring a retirement plan, you are required by...more

IRS Updates Correction Program for Retirement Plans

by McGuireWoods LLP on

The IRS recently issued Revenue Procedure 2016-51 (the 2016 RP) to provide revised procedures for its Employee Plans Compliance Resolution System (EPCRS) – the system through which plan sponsors can correct errors in the form...more

IRS Issues New EPCRS Guidelines to Coordinate with Limited Determination Letter Program

On September 29, 2016, the IRS released new guidelines under its Employee Plans Compliance Resolution System (EPCRS). EPCRS consists of three programs by which plan sponsors can correct plan documentation or operational...more

Compensation and Benefits Insights – September 2016

by King & Spalding on

New Guidance Affects Wellness Program Design - Over the last several months, the Equal Employment Opportunity Commission (“EEOC”) and the Internal Revenue Service (“IRS”) have provided additional guidance regarding the...more

IRS Lays Out Plan for Maintaining Tax Qualification for Individually-Designed Plans after Elimination of the Determination Letter...

by Reed Smith on

On June 29, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-37, which modifies the Determination Letter Program for tax-qualified plans and the requirements for when plan amendments must be adopted by...more

The Grisly Death of Determination Letters for Individually Designed Plans

The Internal Revenue Service (IRS) announced last year that it would end its staggered five-year remedial amendment cycle system for individually designed retirement plans under the determination letter program due to...more

The IRS Overhaul of the Determination Letter Process: What Plan Sponsors Need to Know

by Dickinson Wright on

Last summer, the Internal Revenue Service (IRS) announced that its periodic review of individually designed retirement plans to determine the plans’ qualified status will end effective January 31, 2017. In January 2016, the...more

IRS Announces Reduced VCP Compliance Fees

by McDermott Will & Emery on

The Internal Revenue Service (IRS) has announced new general compliance fees for voluntary correction program (VCP) submissions under the Employee Plans Compliance Resolution System (EPCRS), effective February 1, 2016. EPCRS...more

Department of Treasury Issues 2015-2016 Priority Planning Guide

by Franczek Radelet P.C. on

The Department of the Treasury issued its 2015-2016 Priority Guidance Plan detailing projects that it intends on dedicating resources to in the coming year. There are numerous employee benefits-related items in the plan....more

New IRS Qualified Plan Corrections Guidance

The Internal Revenue Service (IRS) issued two rounds of guidance modifying the Employee Plans Compliance Resolution System (EPCRS). The IRS guidance gives employers greater flexibility in correcting relatively common...more

Employee Benefits Alert - July 2015

by Franczek Radelet P.C. on

Major Revisions to Qualified Plan Determination Letter Process Announced - Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...more

IRS Pulls Determination Letter Program, Puts Premium on Plan Assessments by Sponsors

Effective January 1, 2017, the IRS has announced that, due to limited resources, it is eliminating the existing 5-year determination letter application staggered filing cycles for individually designed plans. Off-cycle...more

IRS Overhauls Determination Letter Process for Individually Designed Plans

by Reed Smith on

On July 21, 2015, the Internal Revenue Service (“IRS”) released Announcement 2015-19, which significantly limits the circumstances under which the IRS will accept determination letter applications for individually designed...more

Employee Benefits: A Major Curtailment of the IRS Determination Letter Program Will Impose New Compliance Burdens on Sponsoring...

The Internal Revenue Service ("IRS") announced, on July 21, 2015, a major curtailment of its determination letter program for individually designed qualified retirement plans ("Individually Designed Plans") that will impose...more

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