A New Direction for Voluntary Compliance:  A Commentary on the Significance of Changes in Rev. Proc. 2013-12

Journal of Pension Planning & Compliance
In this article, Elizabeth Drake discusses the long-awaited update to the IRS's Employee Plans Compliance Resolution Program (EPCRS). This update, released on December 31, 2012, features changes related to Voluntary Correction Program (VCP) submission procedures and compliance fee schedules, as well as fine-tuning of pre-approved correction methods. Upon further inspection, Drake writes, these changes to the EPCRS are more significant than they may first appear and highlight the importance of plan sponsors avoiding compliance failures.
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