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BenefitsLink Newsletter

Free, useful information about U.S. tax and labor laws
and new Internet resources, for employee benefit plan
sponsors, service-providers and participants.
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LESS UNCERTAINTY BUT MORE RULES: EPCRS NOW COVERS
403(b) PROGRAMS SPONSORED BY
CHARITABLE ORGANIZATIONS AND PUBLIC SCHOOLS

Newly released IRS Revenue Procedure 99-13 provides rules
for the correction of various kinds of defects that can
arise under an employer-sponsored 403(b) program.

The new procedures includes rules for self-correction,
voluntary correction coupled with fees and an IRS filing,
and procedures for defects found on audit.

In effect, 403(b) programs are now handled under much of
the same rules that apply to tax-qualified plans under the
IRS' employee plans compliance resolution system (EPCRS)
that was set forth in Rev. Proc. 98-22 last year.

The procedures are effective immediately, but "Taxpayer
Voluntary Compliance" filings already made for 403(b)
programs under earlier revenue procedures -- or new ones
filed before July 1, 1999 -- can be processed under the
earlier procedures (95-24 and 96-50).

The full text of Rev. Proc. 99-13, with hypertext links,
is online at

   http://www.benefitslink.com/IRS/revproc99-13.shtml

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