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ARTICLE · 15 JUNE 2023

IRS Issues Guidance On Expanded Self-Correction Under SECURE 2.0

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The SECURE 2.0 Act of 2022 (SECURE 2.0), enacted on December 29, 2022, significantly expanded the IRS's Employee Plans Compliance Resolution System (EPCRS) to allow employers to self-correct...

United StatesEmployment and HR
Douglas S. Pelley
Douglas S. Pelley
Pari Sitaula
Pari Sitaula
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The SECURE 2.0 Act of 2022 (SECURE 2.0), enacted on December 29, 2022, significantly expanded the IRS's Employee Plans Compliance Resolution System (EPCRS) to allow employers to self-correct (i.e., without filing with the IRS) a wider range of retirement plan compliance failures than under pre-SECURE 2.0 EPCRS, both in terms of the types of failures eligible for self-correction and the eligibility conditions for self-correction (see our previous client Advisory for a summary of key changes made by SECURE 2.0). On May 25, 2023, the IRS issued Notice 2023-43 (Notice) to provide interim guidance to plan sponsors on certain aspects of EPCRS as modified by SECURE 2.0. The Notice is not comprehensive, and the IRS anticipates fully updating the EPCRS Revenue Procedure in the future to reflect SECURE 2.0.

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