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IRS Updates Employee Plans Compliance Resolution System

The Internal Revenue Service (IRS) issued in its Revenue Procedure 2021-30 an update to its Employee Plans Compliance Resolution System (EPCRS) on July 16, 2021, revising its correction programs for qualified retirement plans. The new guidance generally replaces and supersedes prior EPCRS guidance.

Updated EPCRS Highlights
Key updates and new features for plan sponsors and administrators include the following points, which are generally effective July 16, 2021 (except as otherwise noted). Read more…