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Correction

 

The Employee Plans Compliance Resolution System (EPCRS) is a comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of sections 401(a), 403(a), 403(b), 408(k) or 408(p) of the Internal Revenue Code, but which have not met these requirements for a period of time.

This system allows plan sponsors to correct these failures and thereby continue to provide their employees with retirement benefits on a tax-favored basis. The components of EPCRS include the Self-Correction Program (SCP), the Voluntary Correction Program (VCP) and the Audit Closing Agreement Program (Audit CAP).


Revenue Procedure 2003-44
This revenue procedure updates Revenue Procedure 2002-47, which set forth the EPCRS and described the correction programs established by the Service that enable sponsors of retirement plans that have experienced compliance violations to preserve the tax benefits of their plans. The following items illustrate the changes implemented by this revenue procedure.

  1. a red-lined version of Rev. Proc. 2003-44 which delineates the changes made by the new procedure;
  2. a summary of changes  which describes the differences between Rev. Proc. 2003-44 and Rev. Proc. 2002-47;
  3. a topical index  keyed to the section numbers of Rev. Proc. 2003-44; and
  4. a presentation  highlighting the changes made to EPCRS by Rev. Proc. 2003-44.

Retirement Plan Correction Programs Online Resource Guide
An online version of the Retirement Plan Correction Programs CD-ROM. This narrative (with updates) explains the importance of early identification and correction of plan problems, and provides insights into the correction programs offered to plan sponsors by the IRS, the U.S. Department of Labor, and the Pension Benefit Guaranty Corporation.

Publication 4224 - Retirement Plan Correction Programs
An overview of the retirement plan correction programs offered by the IRS, Department of Labor and Pension Benefit Guaranty Corporation.

DOL Correction Programs
The Employee Benefits Security Administration (EBSA) office of the Department of Labor protects the integrity of retirement, health and other employee benefit plans. One of EBSA's goals is to educate and assist employers, plan officials, service providers and others in achieving and maintaining compliance. Among its compliance assistance initiatives, EBSA has two programs that encourage voluntary compliance through self-correction.

Another Way to Spell "Relief": E-P-C-R-S [Expanded Article]
An expanded version of an article from the Summer 2004 edition of the Retirement News for Employers that provides an overview of  the Employee Plans Compliance Resolution System.

EP Connections: Interview with Joyce Kahn
Meet the Director, EP Voluntary Compliance.

EPCRS Presentation
Highlights of the basic elements and structure of the Employee Plans Compliance Resolution System.

EPCRS Positions Presentation
This presentation highlights the differences between the EPCRS positions of VC Coordinators, Area Coordinators and Program Coordinators.