The IRS recently expanded one of its most popular programs, the Employee Plans Compliance Resolution System (“EPCRS”), which provides qualified plan sponsors the tools to correct and maintain the tax-qualified status of their retirement plans.
Revenue Procedure 2015-27 (60 PBD, 3/30/15) and Revenue Procedure 2015-28 (64 PBD, 4/3/15), released on March 27 and April 2, respectively, are intended to make it easier for plan sponsors to correct the most common qualified plan mistakes, including errors relating to loans, overpayments and employee elective deferrals, including automatic enrollment. The expansions can be relied upon immediately.
The key changes and additions to EPCRS made by these Revenue Procedures are summarized in the attached article.
