The IRS has updated its Employee Plan Compliance Resolution System (EPCRS) in Rev. Proc. 2016-51, generally effective January 1, 2017. Rev. Proc. 2016-51 incorporates the prior consolidated statement of EPCRS (Rev. Proc. 2013-12), and also includes interim modifications such as those made by Rev. Proc. 2015-27, chiefly addressing overpayments, and Rev. Proc. 2015-28, chiefly addressing certain automatic contribution failures. Rev. Proc. 2016-51 also reflects sweeping changes made to the IRS’s determination letter program whereby the IRS eliminated the staggered 5-year remedial amendment cycle for individually designed plans and limited the scope of its determination letter program to initial plan qualification, qualification upon termination and certain other broadcasted circumstances.
Most notable changes reflected in the updated EPCRS include the following:
Practitioners should find the consolidated EPCRS procedure to be of useful value now that it incorporates all applicable law and removes confusing references to outdated determination letter procedures that no longer apply.
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