News & Analysis as of

Retirement Plan Employee Benefits Self-Correction Programs

Bradley Arant Boult Cummings LLP

Every Retirement Plan Needs Practices and Procedures for Self-Correction

Administering a retirement plan is a complicated task fraught with potential missteps. Fortunately, employers are now able to self-correct most errors and thereby avoid the considerable time and expense of filing an...more

Holland & Hart - The Benefits Dial

You Live, You Learn… Correcting “Qualification Failures” under the Self-Correction Program

The Employee Plans Compliance Resolution System (“EPCRS”), as set forth in Revenue Procedure 2021-30, allows plan sponsors to correct “Qualification Failures,” which are defined as any plan document, operational, demographic...more

Fisher Phillips

IRS Grab Bag Brings Clarity to Certain SECURE Act 2.0 Provisions: 6 Biggest Points for Employers

Fisher Phillips on

Employers that sponsor retirement plans continue to have a lot on their plate. With SECURE Act 2.0 requirements now in play, this legislation continues to add more and more to your (already) overflowing plate. However, as is...more

Proskauer - Employee Benefits & Executive...

Act Fast (If You Get the Letter)! IRS Pre-Examination Retirement Compliance Pilot Program is Extended

On February 7, 2024, the IRS announced the second phase of its Pre-Examination Retirement Compliance Program... Under this program, sponsors will be notified that their plan is selected for examination and will have 90 days...more

Bricker Graydon LLP

Why Time is of the Essence More than Ever in Correcting Retirement Plan Errors

Bricker Graydon LLP on

Errors in retirement plans happen even to the most well-intentioned plan sponsors. Several decades ago, the IRS published the first version of the Employee Plans Compliance Resolution Program (EPCRS), which outlines...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The cost for more self-correction

Years ago, any volume submitter plan or non-standardized prototype plan would apply for its own determination letter from the Internal Revenue Service (IRS). Then one day, the IRS tried to cut back on their agent’s workload...more

Verrill

Establishing Practices and Procedures to Support Retirement Plan Self-Correction

Verrill on

The opportunity to self-correct mistakes in maintaining a retirement plan has been dramatically expanded by the SECURE 2.0 Act of 2022 (“SECURE 2.0”); see our February 10 blog post for details. However, IRS interim guidance...more

Snell & Wilmer

SECURE 2.0 Expands Self-Correction Under EPCRS

Snell & Wilmer on

Effective December 29, 2022, Section 305 of SECURE 2.0 expands the ability for plan sponsors to self-correct certain plan failures under the Employee Plans Compliance Resolution System (“EPCRS”). Section 305 of SECURE 2.0...more

McGuireWoods LLP

IRS Issues Interim Guidance Under Expanded EPCRS

McGuireWoods LLP on

Recently, the IRS released Notice 2023-43, providing interim guidance on Section 305 of the SECURE 2.0 Act of 2022, which expanded the Employee Plans Compliance Resolution System (EPCRS), the system through which plan...more

Groom Law Group, Chartered

SECURE 2.0 Guidance Process Begins – Self Correction for Eligible Inadvertent Failures Is First Up

The IRS has issued interim guidance to address the changes made by section 305 of SECURE 2.0 to the self-correction program under the IRS Employee Plans Compliance Resolution System (commonly referred to as “EPCRS”).  While...more

Kilpatrick

IRS Issues SECURE 2.0 Guidance on Expanded Availability of Self-Correction

Kilpatrick on

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) greatly expands the availability of self-correction of compliance failures involving employer retirement plans and IRAs. On May 25, 2023, the IRS issued Notice 2023-43, which...more

Pullman & Comley - Labor, Employment and...

Secure Act 2.0 Creates Greater Opportunities for Self-Correction of Retirement Plans

Since 1998 the Internal Revenue Services (the “IRS”) has had a comprehensive employees plans correction program with three components: self-correction (SCP), voluntary correction with IRS approval including related user fee...more

FordHarrison

SECURE 2.0 Requires Major Changes to Retirement Plans and EPCRS

FordHarrison on

Executive Summary: On December 23, 2022, the Consolidated Appropriations Act of 2023 was passed by Congress, which included the SECURE 2.0 Act of 2022 (“SECURE 2.0” or “the Act”). This legislation greatly impacts retirement...more

Bradley Arant Boult Cummings LLP

SECURE 2.0: Retirement Plan Changes for 2023

The SECURE 2.0 Act of 2022 was enacted at the end of last year as part of the Consolidated Appropriations Act of 2023. The act sets forth a number of changes affecting retirement plans that go into effect over several years....more

Locke Lord LLP

IRS Announces New 90-Day Pre-Examination Compliance Pilot Program for Retirement Plans

Locke Lord LLP on

In its June 3, 2022 Employee Plans Newsletter, the IRS announced a pilot pre-examination retirement plan compliance program beginning in June 2022. Under the pilot program, the IRS will notify a qualified plan sponsor by...more

Blank Rome LLP

IRS Pilot Program Gives Employers Heads-Up on Retirement Plan Audits

Blank Rome LLP on

The Internal Revenue Service (“IRS”) has announced a pilot program that begins this month in which they will send letters to employers letting them know that their retirement plan has been selected for examination. Under...more

McGuireWoods LLP

IRS Announces New Audit Program for Retirement Plans

McGuireWoods LLP on

On June 3, 2022, the IRS announced it is launching a pilot pre-examination retirement plan compliance program, which generally will be effective immediately (June 2022). This pilot program essentially gives plan sponsors a...more

Snell & Wilmer

New Ways to Self-Correct Overpayments Under EPCRS

Snell & Wilmer on

On July 16, 2021, IRS issued Revenue Procedure 2021-30 to update the Employee Plans Compliance Resolutions System (the “EPCRS”). The update in part expands the opportunities for plan sponsors to self-correct failures under...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS updates EPCRS

The IRS has updated the Employee Plans Compliance Resolution System (EPCRS) with the release of Revenue Procedure 2021-30. The EPCRS is used to correct certain plan qualification failures. EPCRS contains the Self-Correction...more

Proskauer - Employee Benefits & Executive...

EPCRS Update Offers New Tools to Correct Retirement Plan Errors

The IRS recently updated its “Employee Plans Compliance Resolution System” (EPCRS).  By way of background, EPCRS is a correction program administered by the IRS for plan sponsors to correct certain retirement plan errors. ...more

Faegre Drinker Biddle & Reath LLP

Revised IRS Correction Procedures (EPCRS) Include Helpful Changes

On July 16, 2021, the Internal Revenue Service (“IRS”) published an updated version of its correction procedures for qualified retirement plans, Revenue Procedure 2021-30, the Employee Plans Compliance Resolution System...more

McDermott Will & Emery

Need a Do-Over? IRS Expands and Updates Qualified Plans Correction Guidance

McDermott Will & Emery on

The Internal Revenue Service (IRS) issued Revenue Procedure 2021-30, which provides an updated version of the Employee Plans Compliance Resolution System (EPCRS). EPCRS is the IRS’s comprehensive program for plan sponsors to...more

Locke Lord LLP

IRS Updates Qualified Plan Correction Procedures

Locke Lord LLP on

The IRS recently issued Revenue Procedure 2021-30, which updates the correction program under the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits plan sponsors to correct failures in the form and operation...more

Morgan Lewis

Relaxed IRS Self-Correction Rules a Boon for Plan Sponsors—and an Opportunity to Correct Failures Now

Morgan Lewis on

On July 16, 2021, the Internal Revenue Service (IRS) released Revenue Procedure 2021-30, which made several important changes to the Employee Plans Compliance Resolution System (EPCRS) and expanded the ability of plan...more

Eversheds Sutherland (US) LLP

IRS goes for gold with EPCRS Expansion

Just in time for the Olympics, the Internal Revenue Service (IRS) is attempting to take a medal in the category of “long-form voluntary compliance programs”. The IRS issued Revenue Procedure 2021-30 (Rev. Proc. 2021-30),...more

32 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide