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Library on Correction of Disqualifying Defects in Qualified Retirement Plans
This library contains the IRS guidance on correction of disqualifying defects in qualified plans, as well as links to articles written by Reish Luftman Reicher & Cohen attorneys on that subject. The IRS has established a series of remedial compliance programs for correcting disqualifying defects (or "qualification failures") in qualified retirement plans. Those programs include the Self-Correction Program or "SCP" (formerly APRSC), the Voluntary Correction With Service Approval Program or "VCP" (formerly VCR), SVP, and Walk-in CAP and Audit CAP. In 1998, those programs were consolidated into an integrated compliance system, the Employee Plans Compliance Resolution System or "EPCRS," through Revenue Procedure 98-22. In 1999, the IRS issued Revenue Procedure 99-31 to provide plan sponsors with examples of correction methods. In 2000, the IRS issued Revenue Procedure 2000-16, consolidating and modifying the two prior Revenue Procedures. And in 2001, the IRS issued Revenue Procedure 2001-17 renaming the compliance programs and responding to several issues raised by practitioners.
Revenue Procedures
- Revenue Procedure 2006-27; IR 2006-75
This Revenue Procedure updates and expands the IRS's voluntary correction program (VCP) for employee retirement plans -- the Employee Plans Compliance Resolution System (EPCRS). There were many key changes to EPCRS.
- Revenue Procedure 2003-44
On June 5, 2003, the IRS released Revenue Procedure 2003-44, which updates its guidance on the EPCRS.
- Revenue Procedure 2002-47
Released by the IRS on July 27, 2002, this Revenue Procedure updates the guidance on EPCRS.
- Rev. Procedure 2001-17
Released by the IRS on January 19, 2001, this Revenue Procedure updates the guidance on EPCRS and makes a number of substantive and procedural changes to the remedial programs.
- Rev. Procedure 2000-16
This Revenue Procedure, issued in January of 2000, consolidates and modifies Revenue Procedures 98-22 and 99-31. As a result, it is the "bible" for correcting disqualifying defects in qualified retirement plans.
- Rev. Procedure 99-31
This Revenue Procedure contains correction principles and examples for certain disqualifying defects in qualified plans. It supplemented Rev. Proc. 98-22, which created the consolidated Employee Plans Compliance Resolution System (EPCRS). Since the IRS has indicated that plan sponsors may "rely" on the methods of correction described in this Revenue Procedure, the examples should be especially useful in non-IRS supervised corrections under the Administrative Policy Regarding Self-Correction (APRSC), though they can be used in all of the IRS correction programs.
- Rev. Procedure 98-22
This Revenue Procedure created the Employee Plans Correction Resolution System (EPCRS), which consolidated and expanded the IRS' programs for correction of disqualifying defects in qualified retirement plans.
Books
- Plan Correction Answer Book
Co-authored by Fred Reish and Bruce Ashton, this book gives benefits practitioners a comprehensive and practical guide to understanding and implementation of each of the IRS' remedial programs.
Articles
Other Links
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