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 provider or other staff. It is usually best if corrections are made in order to protect the plan's tax-favored status. One of the correction programs available is the Employee Plan Compliance Resolution System (EPCRS) sponsored by the Internal Revenue Service (IRS).

The IRS recently updated EPCRS in Revenue Procedures 2015-27 and 2015-28. These updates continue to operate along the themes that have generally occurred each time the EPCRS program is updated: expanding corrections, encouraging prompt and voluntary correction, simplifying the procedures and generally clarifying the program.