EPCRS Consulting Work

Correcting Retirement Plan Compliance with Confidence

When a retirement plan falls out of compliance with IRS rules, it’s possible to correct errors without facing penalties. The IRS Employee Plans Compliance Resolution System (EPCRS) offers specific pathways for addressing minor, inadvertent errors without requiring direct IRS oversight.

Professional guidance is highly recommended to ensure the retirement plan is brought into compliance swiftly and effectively, preventing unnecessary penalties.

Three Pathways for Compliance: EPCRS Programs

The EPCRS program is divided into three distinct compliance systems, each with specific applications and requirements:

  • Self-Correction Program (SCP): Corrects minor issues without IRS intervention.
  • Voluntary Correction Program (VCP): Enables plan sponsors to disclose and correct errors voluntarily.
  • Compliance Audit Program (CAP): Used during IRS audits to rectify compliance issues under IRS supervision.

PSI’s experts support and consult in all three areas of EPCRS. Our attorneys and accountants have a deep understanding of corporate retirement plans and stay updated on regulatory changes that can impact compliance.

Staying Current with Regulatory Updates

New regulations may affect key areas in retirement plan administration, including:

  • Forms and application schedules
  • Plan amendments and advisory letters for qualification
  • Qualified, non-elective contributions
  • Plan provisions for former employees and beneficiaries
  • Matching contributions and Safe Harbor plan adjustments
  • Plan documentation and record-keeping standards
  • Cost-of-living adjustments for certain plan participants

Transforming Challenges into Opportunities

PSI’s actuarial, legal, and accounting departments are well-equipped to turn a compliance issue into a strength for our clients. Our expertise in diverse retirement plan structures and industry-specific requirements allows us to provide unparalleled service and solutions.

Our goal is to ensure that compliance adjustments—whether related to testing, documentation, funding, or operations—are managed efficiently. With PSI’s depth of knowledge in retirement law, accounting, and corporate plan administration, you can trust that your retirement plan is in expert hands.

Each client is unique, and PSI approaches every case with customized problem-solving and professional judgment. Depend on PSI to uphold your interests with the highest standards of professionalism and integrity.