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EPCRS Expansion – Helping Plan Sponsors Stay Compliant
When: May 15, 2024
Location: 2024 ASPPA Spring Conference
 

Virtual

People: David A. Guadagnoli

David Guadagnoli spoke at the 2024 ASPPA (American Society of Pension Professionals & Actuaries) Spring Conference, where he addressed "EPCRS Expansion – Helping Plan Sponsors Stay Compliant."

The IRS’s Employee Plans Compliance Resolution System (EPCRS) governs corrections of document and operational failures in various types of retirement arrangements, including 401(k) plans. Tracing its roots back to the early 1990s, the idea of plan correction has come a long way, with the IRS becoming comfortable with a variety of self-correction approaches. Most recently, Congress bought into the idea of self-correction through SECURE 2.0 Act changes. 

In this program, David discussed the EPCRS program in its current form (Rev. Proc. 2021-30) and how practitioners are using the new tools available under SECURE 2.0.