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ARTICLE · 16 APRIL 2015

Easier, Less Costly Alternatives For Correcting Retirement Plan Mistakes

Bradley Arant Boult Cummings LLP
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In two recent Revenue Procedures, the Internal Revenue Service has modified the Employee Plans Compliance Resolution System, the IRS correction program for retirement plans.

United StatesEmployment and HR
B. Joffe
B. Joffe

In two recent Revenue Procedures, the Internal Revenue Service (IRS) has modified the Employee Plans Compliance Resolution System (EPCRS), the IRS correction program for retirement plans. Revenue Procedure. 2015-27 reduces compliance fees relating to plan loan failures and clarifies the correction methods for overpayments. Revenue Procedure 2015-28 provides a new safe harbor for automatic contribution features as well as safe harbors for failures involving elective deferrals that are of limited duration. These changes will make several corrections under EPCRS easier and less costly.

Background

EPCRS sets forth a comprehensive system of correction programs for sponsors of retirement plans. These generally include plans intended to satisfy the requirements of Internal Revenue Code (Code) Sections 401(a), 403(a), 403(b), 408(k), and 408(p). In general, EPCRS allows plan sponsors to correct failures and continue to provide employees with retirement benefits

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