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ARTICLE · 08 JANUARY 2013

IRS Releases Procedure Updating And Expanding Retirement Plan Correction Program

Day Pitney LLP
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On December 31, 2012, the Internal Revenue Service released Revenue Procedure 2013-12 updating the Employee Plans Compliance Resolution System.

United StatesEmployment and HR
Frank Rubinetti
Frank Rubinetti
David Doyle
David Doyle
Kathy Lawler
Kathy Lawler
Liza Hecht
Liza Hecht
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On December 31, 2012, the Internal Revenue Service ("IRS") released Revenue Procedure 2013-12 (the "Revenue Procedure") updating the Employee Plans Compliance Resolution System ("EPCRS").

What Is EPCRS?

EPCRS, first introduced in 2000 and updated periodically, provides several procedures under which employers sponsoring qualified plans (e.g., Section 401(k) plans), annuity plans (e.g., Section 403(b) plans) and certain individual retirement accounts (e.g., SEPs) can correct errors in their retirement plans. Some errors may be corrected without formal submission to the IRS, while others may require formal application and payment of a compliance fee or payment of a negotiated sanction amount. The IRS will not disqualify a retirement plan for an error that is corrected in accordance with EPCRS.

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