Correcting Plan Errors - Fix Plan Errors
Mistakes happen! The Employee Plans Compliance Resolution System (EPCRS) allows retirement plan sponsors to correct plan mistakes and continue to provide retirement benefits on a tax-favored basis. EPCRS includes self-correction without IRS involvement (SCP), voluntary correction with IRS approval (VCP), and correction during audit under a closing agreement (Audit CAP).
Common mistakes in 401(k), SEP, SIMPLE IRA and SARSEP plans and examples of how to correct them.
Fixing Common Plan Mistakes
Articles on specific retirement plan failures.
EPCRS Revenue Procedure
Official guidance on how to correct plan errors (Revenue Procedure 2013-12)
Voluntary Correction Program basics
- VCP Submission Forms
- VCP Submission Kits
- VCP Fee Schedule
- Common Mistakes in VCP Submissions
- Tips to Avoid Processing Delays with Your VCP Submission
- Self-Correction of Retirement Plan Errors
When you can correct errors without IRS approval
- Self-Correcting Plan Mistakes Video
Using the Self-Correction Program for common plan mistakes. (1:59 min.)
Errors found during an audit
- Audit Closing Agreement Program - General Description
- Fixing Plan Mistakes Found During an IRS Audit Video
Learn what happens when the IRS discovers mistakes during a retirement plan examination. (4:45 min.)
- Summary of Plan Correction Programs
Common plan errors and the appropriate IRS or DOL program to use to fix them.
- Abusive Transactions - Availability of Programs under the EPCRS
Transactions that affect a plan’s eligibility to use the EPCRS correction programs.
- Corrective Amendments to
What happens when a qualification failure is corrected by amending a pre-approved plan (3/11/2009 memorandum).
- Find plan errors or avoid future mistakes in your retirement plan.