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ARTICLE · 06 JUNE 2019

IRS Expands Self-Correction Program, Provides Welcome Relief For Plan Sponsors

McDermott Will & Emery
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The IRS recently released an updated version of EPCRS, the IRS's program for correcting errors that occur under tax-qualified retirement plans. The latest version of EPCRS makes it easier for plan

United StatesEmployment and HR
Erin Steele
Erin Steele
Jacob Mattinson
Jacob Mattinson
Sarah Engle
Sarah Engle
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The IRS recently released an updated version of EPCRS, the IRS's program for correcting errors that occur under tax-qualified retirement plans. The latest version of EPCRS makes it easier for plan sponsors to self-correct certain types of plan loan, operational and plan document failures without filing a VCP submission.

In Depth

Late last month, the Internal Revenue Service (IRS) issued Revenue Procedure 2019-19, an updated version of the Employee Plans Compliance Resolution System (EPCRS), the IRS's comprehensive program for correcting tax-qualified plan errors. The most recent update to EPCRS is designed to expand the types of failures that are eligible to be self-corrected. More specifically, the latest updates to EPCRS allow plan sponsors to self-correct certain plan loan and plan document failures, and to self-correct certain additional operational failures by adopting retroactive plan amendments. These changes are described below.

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