Employee Benefits Update - February 7, 2013
The IRS Releases Revised Retirement Plan Correction Program
by Marvin S. (Bucky) Swift, Jr. and Kevin J. Hogan
On New Year’s Eve, the IRS issued its long-awaited update to the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2013-12. The EPCRS is an important IRS program that plan sponsors use to correct operational and document errors to their qualified retirement plans. These new changes to the EPCRS are generally effective April 1, 2013, but plan sponsors may elect to use the new EPCRS rules for submissions on or after December 31, 2012.