IRS Modifies EPCRS for Loans and Certain Plan Document Failures

Monday, April, 22, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
With the issuance of Revenue Procedure 2019-19, the IRS modifies its Employee Compliance Resolution System for the second time in less than a year. Effective April 19, 2019, the IRS modified the IRS Employee Plans Compliance Resolution System (“EPCRS”). Read More

IRS Updates the Employee Plans Compliance Resolution System ( EPCRS )

Tuesday, October, 02, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
In Revenue Procedure 2018-52, the Internal Revenue Service (IRS) details new procedures under EPCRS that will require Plan sponsors to utilize www.pay.gov website to file Voluntary Correction Program (VCP) submissions and pay user fees. Read More

Voluntary Correction Program Changes User Fees

Tuesday, January, 09, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Voluntary Correction Program Changes Effective January 2, 2018, the IRS simplified the user fees charged for most submissions made under the Voluntary Correction Program (VCP). The total amount of net plan assets determines the applicable user fee. Read More

IRS Updates the Employee Plans Compliance Resolution System (“EPCRS”)

Saturday, October, 01, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
IRS Updates the Employee Plans Compliance Resolution System (“EPCRS”) Revenue Procedure 2016-51 modifies and superseded Rev. Proc. 2013-12, 2013-4 I.R.B. 313, which sets forth the Employee Plans Compliance Resolution System (“EPCRS”), a comprehensive system of correction programs for sponsors of retirement plans that have failed to satisfy certain requirements under section 401(a), 403(a), 403(b), 408(k), or

Changes to Voluntary Correction Program Compliance Fees, Including Reduced Fees for Most 401(a) and 403(b) Plans

Friday, January, 08, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
Correction Program & Retirement Plan Changes During 2015, the IRS began classifying Voluntary Correction Program (VCP) fees as user fees subject to IRC 7528. As a result, in 2016, plan sponsors will refer to a new, annual revenue procedure to determine the appropriate fee when making a VCP submission to the IRS. Read More

IRS Modifies EPCRS to Make it Easier to Correct Automatic Contribution and Other Salary Deferral Failures

Monday, April, 06, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The Employee Plans Compliance Resolution System (“EPCRS”) sets forth a comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of § 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code (“Code”), but that have failed to meet those requirements for a period of time. Read

Voluntary Correction Program: Did You Complete Your Correction?

Wednesday, April, 01, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The Employee Plans Compliance Unit (EPCU) conducted a Voluntary Compliance Follow-Up project to determine if plan sponsors completed the corrections they agreed to in their Voluntary Correction Program (VCP) compliance statements. Read More