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February 12, 2013

IRS Updates Correction Procedures for Retirement Plans


Revenue Procedure 2013-12 was released on December 31, 2012.

Revenue Procedure 2008-50 is modified and superseded by this revenue procedure. Significant changes to the Employee Plans Compliance Resolution System (EPCRS) include:

    • Expanded corrections for 403(b) plan failures
    • Revised submission procedures for the Voluntary Correction Program (VCP)
    • Rules for plans subject to section 436 restrictions
    • Changes to safe harbor correction methods and fee structures

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