Correcting Mistakes

“With all the rigorous rules surrounding qualified retirement plans and the minutiae associated with administering a plan, mistakes happen every now and then. Years ago, the IRS determined that plan sponsors need guidance on how to fix these errors to make things right for the participants in the plan, so they created a voluntary correction program. The program’s rules are laid out in a Revenue Procedure referred to as the Employee Plans Compliance Resolution System (EPCRS). Under the EPCRS program, there are three correction programs:” Click here to continue reading.

Source: TRI-AD