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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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A Running Start: IRS Pilots New Pre-Examination Program
The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022. The pilot program is designed to reduce the amount of time and resources the IRS … Continue reading
Posted in audit, Employee Benefits, Qualified Retirement Plans
| Tagged audit, closing letter, EPCRS, IRS, IRS letter, new program, pilot program, pre-examination, qualified plan, retirement plans
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New Ways to Self-Correct Overpayments Under EPCRS
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 the EPCRS by: (1) extending the self-correction … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged EPCRS, IRS, qualified retirement plans
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To Err is Human – To Forgive is Up to the IRS in Rev Proc 2019-19
The IRS recently issued its latest version of the Employee Plans Compliance Resolution System (“EPCRS”) in Rev. Proc. 2019-19. The EPCRS is the IRS program that assists employers in correcting both operational and document failures with respect to qualified retirement … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 2019-19, amendment, EPCRS, operational failure, rev proc 2019-19, self-correction
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IRS Updates Retirement Plan Correction Procedures
On September 28, 2018, the IRS released Revenue Procedure 2018-52. The Revenue Procedure makes changes to the IRS Employee Plans Compliance Resolution System (“EPCRS”), which is the IRS’ comprehensive correction program for qualified retirement plans. The primary purpose of the Revenue Procedure … Continue reading
Posted in Qualified Retirement Plans
| Tagged EPCRS, Form 8950, Revenue Procedure 2018-52
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IRS Provides Relief for Correction of Elective Deferral Mistakes in 401(k) Plans
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 Plans Compliance Resolution System (“EPCRS”), which is the … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k), 401(k) plan, automatic contribution, automatic enrollment, correction, elective deferral error, EPCRS, qualified retirement plans
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