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ARTICLE · 10 JANUARY 2013

IRS Releases Updated Employee Plan Correction Procedures

Reed Smith
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On December 31, 2012, the Internal Revenue Service (the "IRS") released Revenue Procedure 2013-12, which contains long-awaited updates to the Employee Plans Compliance Resolution System ("EPCRS"), previously set forth in Revenue Procedure 2008-50.

United StatesEmployment and HR
John Martini
John Martini
Dodi Walker Gross
Dodi Walker Gross
Dennis Bonessa
Dennis Bonessa
Lori Atkin
Lori Atkin
Allison Warden Sizemore
Allison Warden Sizemore
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On December 31, 2012, the Internal Revenue Service (the "IRS") released Revenue Procedure 2013-12, which contains long-awaited updates to the Employee Plans Compliance Resolution System ("EPCRS"), previously set forth in Revenue Procedure 2008-50. EPCRS is the IRS system for correcting errors in employer-sponsored retirement plans, which consists of three programs: the self-correction program ("SCP"), the voluntary correction program ("VCP"), and the audit closing agreement program ("Audit CAP"). Revenue Procedure 2013-12 is effective April 1, 2013, but plan sponsors may utilize it earlier.

Revenue Procedure 2013-12 streamlines VCP procedures, adds welcome relief for sponsors of 403(b) plans, and makes other refinements to account for recent law changes and to clarify portions of the current EPCRS, some of which are described below.

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