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).
Fix-It Guides
Common mistakes in 401(k), SEP, SIMPLE IRA and SARSEP plans and examples of how to correct them.Articles - Fixing Common Plan Mistakes
Guidelines on how to correct and avoid specific retirement plan failures.EPCRS Revenue Procedure
Official guidance on how to correct plan errors (Revenue Procedure 2013-12)
VCP Submission Basics
- Fill-in VCP Submission Forms (Appendices)
- VCP Submission Kits
- VCP Fee Schedule
- Common Mistakes in VCP Submissions
- Tips to Avoid Processing Delays with Your VCP Submission
- Corrective Amendments to
Pre-Approved Plans
What happens when a qualification failure is corrected by amending a pre-approved plan (3/11/2009 memorandum).
Late Amendments
Self-Correction
- Self-Correction of Retirement Plan Errors
- "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.)
Additional Resources
- 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.- Find plan errors or avoid future mistakes in your retirement plan.
Page Last Reviewed or Updated: 2013-04-22
