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IRS Issues New Correction Procedures

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January 2013

The IRS issued Revenue Procedure 2013-12, which provides a revised Employee Plans Compliance Resolution System, often referred to as “EPCRS.” EPCRS allows employers to favorably correct most retirement plan administration errors using either the self-correction program (SCP) or the voluntary correction program (VCP). This new version of EPCRS makes some fairly significant changes to the correction process. Among other changes, employers who correct under VCP will now be required to use a new set of IRS forms when filing a VCP application, and 403(b) plans are now able to voluntarily correct a wider variety of errors than in the past. 

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