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Featured: Taking Advantage of the Updated EPCRS
Practical Law Legal Update w-005-8781 (Approx. 2 pages)
Featured: Taking Advantage of the Updated EPCRS
by Practical Law Employee Benefits & Executive Compensation
| Published on 07 Feb 2017 • USA (National/Federal) |
Practical Law has updated its resources for the new guidance on the Employee Plans Compliance Resolution System (EPCRS).
On September 29, 2016, the IRS issued Revenue Procedure 2016-51, a consolidated statement of the correction programs under the IRS' Employee Plans Compliance Resolution System (EPCRS). Rev. Proc. 2016-51 modifies and supersedes Rev. Proc. 2013-12, which is the prior consolidated statement of EPCRS programs. The updated EPCRS:
- Eliminates references to determination letter application requirements in light of Rev. Proc. 2016-37, which changed the determination letter program by terminating the five-year remedial amendment cycles for individually designed qualified plans.
- Consolidates previous EPCRS guidance, including:
- Rev. Proc. 2015-27;
- Rev. Proc. 2015-28; and
- Rev. Proc. 2016-8.
- Clarifies and provides new guidance on several common correction methods available under EPCRS.
Practical Law has updated its Practice Notes, Correcting Qualified Plan Errors Under EPCRS and Common Qualification Errors and Corrections Under EPCRS for this new guidance, saving you time so that you can work faster and more efficiently.