IRS Updates EPCRS Plan Correction Program

Murtha Cullina
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On July 16, 2021, the IRS issued an updated version of the Employee Plans Compliance Resolution System (EPCRS), set forth in Revenue Procedure 2021-30. The new EPCRS modifies and supersedes the previous EPCRS, set forth in Revenue Procedure 2019-19 (April 19, 2019), and generally expands the correction methods that may be used to fix certain plan failures and thereby preserve a plan’s tax-qualified status.

Background. EPCRS permits any plan sponsor of a retirement plan (including a 401(a), 403(a), 403(b), SEP or SIMPLE IRA plan) to correct certain plan failures. EPCRS offers three correction programs...

Please see full Publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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