The much anticipated and long awaited revised IRS EPCRS program has been released. EPCRS stands for the Employee Plans Compliance Resolution System. It is a comprehensive system of correction programs available to sponsors of retirement plans when a plan violation or mistake occurs.
This most recent revenue procedure has substantially expanded the correction programs to cover many additional retirement plan violations for which the beneficial EPCRS program previously did not apply.
EPCRS now also covers 403(b) Plans! Additional information and the Revenue Procedure can be found at: http://benefitslink.com/src/irs/revproc2013-12.pdf