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EPCRS is a codification of three separate programs that the IRS makes available for correcting plan mistakes:
This violation and its correction are not addressed directly in the EPCRS.
A 403(b) plan sponsor may use the Voluntary Correction Program (VCP) under EPCRS to correct a failure to timely adopt a written 403(b) plan document.
Plan Officials must make a voluntary correction of the loan with IRS approval under theVoluntary Correction Program of the IRS' Employee Plans Compliance Resolution System (EPCRS).
TEI also called the proposed plan disqualification rule "unduly harsh," recommending that the final rules establish (i) a participant-by-participant test for operational failures, similar to the regulations under section 409A; and (ii) a voluntary correction program for cafeteria plans similar to the Employee Plans Compliance Resolution System (EPCRS).
Having initially submitted comments on scriveners' errors in 2004, the AICPA reiterated its position that these errors should be self-correctable under the Employee Plans Compliance Resolution System (EPCRS).
Produced by Aspen Publishers (New York), the loose-leaf manual carries analysis of major legal and regulatory requirements for compliance and includes coverage of the Employee Plans Compliance Resolution System (EPCRS), which was codified by the Pension Protection Act of 2006, objectives of a self-audit, plan designs, working with outside vendors and improving operations.
* THE IRS's EMPLOYEE PLANS COMPLIANCE RESOLUTION System (EPCRS) can help plan sponsors correct qualification failures.
The new materials provide information on programs available to businesses and plan experts under the Employee Plans Compliance Resolution System, or EPCRS. The pamphlet and the CD-ROM can be ordered by calling 800.829.3676.
This is why plans that apply for relief under the IRS Employee Plans Compliance Resolution System (EPCRS) generally should correct for all plan years.
Failure to use the forfeitures in a timely manner may be corrected via the Employee Plans Compliance Resolution System (EPCRS).
The IRS requires use of the Voluntary Correction Program (VCP) component of the Employee Plans Compliance Resolution System (EPCRS) to request approval of this type of retroactive amendment.
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