The Internal Revenue Service (IRS) recently issued two updates which modify the Employee Plans Compliance Resolution System (EPCRS), which is the comprehensive system for correction of retirement plan failures. EPCRS now allows plans with automatic contribution features to use a new safe harbor to correct certain deferral failures, provides more flexible correction provisions on overpayments and excess annual additions, and reduces certain correction filing fees.
IRS Updates EPCRS Correction Methods and Procedures
By Alan D. Nesburg, PC on June 10, 2015
Posted In Retirement Plans
