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Benefit Plan Sponsors › Employee Plans Compliance Resolution System › Qualified Retirement Plans

Nelson Mullins Riley & Scarborough LLP

IRS Updates EPCRS Correction Program for Qualified Retirement Plans

Nelson Mullins Riley & Scarborough LLP on

The IRS released Revenue Procedure 2021-30, a new iteration of the Employee Plans Compliance Resolution System (“EPCRS”), on Friday, July 16. EPCRS permits sponsors of eligible tax-qualified retirement plans and 403(b) plans...more

Jackson Walker

Qualified Retirement Plan Correction Program Expanded and Revised

Jackson Walker on

The Internal Revenue Service updated and expanded the ability to correct plan operational and document defects with the new and improved Employee Plans Compliance Resolution System (Rev. Proc. 2021-30) (EPCRS). Issued and...more

BCLP

IRS Expands Determination Letter Program for Mergers of Qualified Plans Following Corporate Transactions

BCLP on

The IRS recently reversed course on the availability of the determination letter program for merged qualified retirement plans – thereby providing new alternatives for integrating qualified retirement plan benefits in the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

The Grisly Death of Determination Letters for Individually Designed Plans

Ogletree, Deakins, Nash, Smoak & Stewart,... on

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

Franczek P.C.

IRS Modifies its Voluntary Retirement Plan Correction Procedures (EPCRS)

Franczek P.C. on

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 LLP

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

Locke Lord LLP on

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

Eversheds Sutherland (US) LLP

IRS Issues Updates to Employee Plans Compliance Resolution System

Eversheds Sutherland (US) LLP on

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

Snell & Wilmer

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

Snell & Wilmer on

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

Proskauer - Employee Benefits & Executive...

IRS Modifies EPCRS Guidelines, Requests Comments on Overpayment Correction

Proskauer - Employee Benefits & Executive... on

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

Mintz - Employment, Labor & Benefits...

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

Mintz - Employment, Labor & Benefits... on

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

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