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ARTICLE · 12 FEBRUARY 2013

IRS Updates And Expands Qualification Correction Program

Morgan Lewis
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On December 31, 2012, the Internal Revenue Service (IRS) updated its Employee Plans Compliance Resolution System.

United StatesEmployment and HR
R. Tracht
R. Tracht
Lisa Barton
Lisa Barton
Brian Dougherty
Brian Dougherty
Greg Needles
Greg Needles
Carly Grey
Carly Grey

New provisions for correcting operational and plan document errors take effect on April 1.

On December 31, 2012, the Internal Revenue Service (IRS) updated its Employee Plans Compliance Resolution System (EPCRS) through the issuance of Revenue Procedure 2013-12.1 EPCRS provides retirement plan sponsors with the opportunity to correct operational and plan document errors in order to preserve a plan's tax-qualified status. Depending on the nature of the error and the manner in which it is to be corrected, EPCRS contains three separate component programs known as (i) the Self-Correction Program (SCP), (ii) the Voluntary Correction Program (VCP), and (iii) the Audit Closing Agreement Program (Audit CAP). The new revenue procedure expands and enhances the existing version of EPCRS, which was last revised and updated in Revenue Procedure 2008-50.

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