IRS Updates the EPCRS Correction Program
July 20, 2021
On July 16 the IRS released Revenue Procedure (Rev. Proc.) 2021-30, and with it a series of updates that plan sponsors and those working to correct plan failures will find of interest, including two new benefit overpayment correction methods.
The revenue procedure eliminates the VCP anonymous submission procedure and adds an anonymous, no-fee, VCP pre-submission conference procedure. The revenue procedure also expands correction by plan amendment under SCP, extends the end of the SCP correction period for significant failures by one year, and extends the sunset of the safe harbor correction method for certain missed elective deferrals by three years. Click here
for a PDF of the complete Rev Proc 2021-30.
Click here for more information (link to ASPPA article)