On July 16, 2021, the IRS issued an updated version of the Employee Plans Compliance Resolution System (EPCRS), set forth in Revenue Procedure 2021-30. The new EPCRS modifies and supersedes the previous EPCRS, set forth in Revenue Procedure 2019-19 (April 19, 2019), and generally expands the correction methods that may be used to fix certain plan failures and thereby preserve a plan’s tax-qualified status.
Background. EPCRS permits any plan sponsor of a retirement plan (including a 401(a), 403(a), 403(b), SEP or SIMPLE IRA plan) to correct certain plan failures. EPCRS offers three correction programs…
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