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ARTICLE · 26 DECEMBER 2019

IRS Expands Availability Of Self-Correction Program

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Previously, EPCRS permitted self-correction through a retroactive amendment only in a few instances.

United StatesEmployment and HR
Employee Benefits and Executive Compensation Practice Group
Employee Benefits and Executive Compensation Practice Group

Earlier this year, the IRS issued a revised version of the Employee Plans Compliance Resolution System ("EPCRS") in Rev. Proc. 2019-19. Most significantly, the revised EPCRS gives plan sponsors the opportunity to self-correct certain types of errors that were not previously eligible for self-correction.

Expansion of Self-Correction through Retroactive Amendment

Previously, EPCRS permitted self-correction through a retroactive amendment only in a few instances. These included adopting retroactive amendments in certain cases when:

  • The plan offered hardship distributions or loans when the plan document did not permit them.
  • The plan had certain operational failures related to annual compensation limits.

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