Posts Tagged ‘EPCRS’

Hardship Distributions – IRS Issues Guidance to Plan Sponsors Clarifying Documentation Requirements

Recently, the IRS posted clear and concise guidance to plan sponsors regarding their responsibility to maintain documentation supporting hardship distributions.  In short, the article on their website states “the plan sponsor must obtain and keep hardship distribution records.  Failure to have these records available for examination is a qualification failure that should be corrected using […]

IRS Announces Update to EPCRS

At long last, the IRS has released their much-anticipated updated Employee Plans Compliance Resolution System (“EPCRS”) guidance, that allows, among other things, 403(b) plans to fully participate in the correction opportunities that program provides.  Revenue Procedure 2013-12 was released late in the afternoon on New Year’s Eve.  The 148-page document provides welcome guidance to 403(b) […]