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New EPCRS Expanded to Address 403(b) Plans.

On December 31, 2012, the Internal Revenue Service released a revised revenue procedure for the Employee Plans Compliance Resolution System (“EPCRS”). Churches, public schools, or private tax-exempt organizations sponsoring Code Section 403(b) retirement plans may now use EPCRS to correct plan document and operational failures that occurred on or after the effective date of the final regulations under Code Section 403(b) (generally January 1, 2009). EPCRS is available to correct failures that occurred in years prior to 2009 in violation of Code Section 403(b) with respect to the plan’s operation, other than a failure to operate in accordance with the plan document.

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