The IRS has extended the public comment period on its Employee Plans Compliance Resolution System (EPCRS) information collection through September 25, 2026. The extension provides plan sponsors, benefit administrators, and practitioners additional time to weigh in on an important correction program in the qualified retirement plan space. If you sponsor or administer a retirement plan or advise clients who do, this extension is an opportunity you should review seriously.
IRS Updates Qualified Plan Correction Procedures
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Posted in EPCRS
The IRS recently issued Revenue Procedure 2021-30, which updates the correction program under the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits plan sponsors to correct failures in the form and operation of retirement plans intended to satisfy the requirements of Sections 401(a), 403(a), 403(b), 408(k) or 408(p) of the…
Time to Restate Your 403B Plan
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The Internal Revenue Service set March 31, 2020 as the last date of the remedial amendment period for tax-exempt organizations and public school systems to self-correct plan document defects in their Section 403(b) plans. The “remedial amendment period”, or “RAP” is a period during which a 403(b) plan can be…