July 30, 2021 - Employee Benefits Group News: IRS Updates EPCRS Plan Correction Program
By: Melanie N. Aska and Erek M. Sharp
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.
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