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IRS Summary of Updated Retirement Plan Correction Procedures
Internal Revenue Service [IRS] Link to more items from this source
[Guidance Overview]
Oct. 4, 2016

"Some key changes [made by Rev Proc. 2016-51] ... [1] The requirement for a plan sponsor to submit a determination letter application to the IRS when correcting qualification failures that include a plan amendment no longer applies.... [2] Fees associated with the Voluntary Correction Program (VCP) are now user fees and no longer set forth in the EPCRS revenue procedure.... [3] Availability of Self-Correction Program (SCP) for significant failures has been modified to provide that, for qualified individually designed plans, a determination letter need not be current to satisfy the Favorable Letter requirement."

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