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ARTICLE · 08 MARCH 2023

A Look At The Expanded Plan Correction Procedures Under SECURE 2.0

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In order for a qualified retirement plan to maintain its favorable tax-qualified status, the plan terms must comply with the Internal Revenue Code, and any Internal Revenue Service...

United StatesEmployment and HR
Elizabeth Dold
Elizabeth Dold
David Levine
David Levine
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In order for a qualified retirement plan to maintain its favorable tax-qualified status, the plan terms must comply with the Internal Revenue Code, and any Internal Revenue Service ("IRS") guidance thereunder, and the terms of the plan must be followed in operations. With hundreds of very complex rules in play, it is common for a qualification failure to occur. The good news is that the IRS has a special correction program—Employee Plans Compliance Resolution System ("EPCRS"), currently set forth in Rev. Proc. 2021-30—to allow plan sponsors to correct these failures and maintain the tax-qualified status of the plan.

As wonderful as EPCRS is, with the Consolidated Appropriations Act, 2023 (Setting Every Community Up for Retirement Enhancement ("SECURE") 2.0) that was enacted on December 29, 2022, it just got even better! Specifically, SECURE 2.0 made a number of changes to the correction procedures that plan sponsors (and their recordkeepers) need to be aware of.

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