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 , , , , , , , , ,

Share this Article:

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 , ,

Share this Article:

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 , , , , ,

Share this Article:

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 , ,

Share this Article:

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 , , , , , , ,

Share this Article: