Plan Corrections (EPCRS)
2026
- The New EPCRS Is Here and Effective Now
The IRS issued the first comprehensive update to its plan correction program (EPCRS) since 2021 on October 22, and it is effective immediately.
2019
- IRS Issues Final Hardship Regulations
The IRS has issued final regulations updating the section 401(k) and (m) regulations to reflect numerous statutory changes to the hardship distribution provisions under the Code. Summary of Statutory…
- IRS Expands Self-Correction Program
The IRS recently published Revenue Procedure 2019-19, which makes significant improvements to the Employee Plans Compliance Resolution System (“EPCRS”) corrections procedure for qualified retirement…
2018
- Treasury and IRS Issue Final Regulations Amending the Definition of Qualified Matching Contributions and Qualified Nonelective Contributions
The Treasury and IRS have issued final regulations amending the definitions of qualified matching contributions (QMACs) and qualified nonelective contributions (QNECs) under regulations regarding…
- Budget Act Relaxes Hardship Distribution Rules
The Bipartisan Budget Act of 2018, which was signed into law on Friday, February 9, 2018, changes the rules related to hardship distributions from qualified defined contribution plans, effective for…