EPCRS Correction Rules and Procedures

Summary

This practice note summarizes the programs available to correct retirement plan errors under Internal Revenue Service guidance. IRS Revenue Procedure 2021-30, updates the comprehensive correction program for retirement plans intended to satisfy the requirements of I.R.C. §§ 401(a), 403(a), 403(b), 408(k), or 408(p), which is formally identified as the Employee Plans Compliance Resolution System (EPCRS). This practice note addresses changes to be implemented in the EPCRS pursuant to the SECURE 2.0 Act, enacted on December 29, 2022, as Division T of Consolidated Appropriations Act, 2023 (Pub. L. No. 117-328).