EPCRS: An Introduction to Retirement Plan Corrections Video


Summary

This practice video describes the IRS program formally identified as the Employee Plans Compliance Resolution System (EPCRS). EPCRS is a plan correction program allowing for plan sponsors and administrators to voluntarily correct plan errors, both operational errors and plan document errors, often without IRS involvement or payment, in accordance with prescribed IRS guidance. Current guidance is provided under IRS Revenue Procedure 2021-30, as applies to retirement plans intended to satisfy the requirements of I.R.C. §§ 401(a), 403(a), 403(b), 408(k), or 408(p).