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IRS Modifies EPCRS Guidelines, Requests Comments on Overpayment Correction
Proskauer's ERISA Practice CenterLink to more items from this source
[Guidance Overview]
Apr. 1, 2015

"[T]he IRS modified EPCRS to provide plan sponsors the 'flexibility' to forgo seeking repayment from participants and beneficiaries. For example, the IRS explained that instead of demanding the return of overpayments, plan sponsors could simply make the plan whole by making a contribution to the plan.... The IRS also described an alternative correction method under which a plan sponsor could simply adopt a retroactive amendment allowing for the overpayment. However, this option may be of limited utility because the Self-Correction Program only allows retroactive amendments in very limited situations."

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