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Updated EPCRS Program: Key Takeaways for Plan Sponsors and Third-Party Administrators
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2/8/2017
When: Wednesday, February 8, 2017
11:00 A.M. - 12:00 P.M. CT
Where: United States
Contact: NIPA Headquarters
(800) 999-6472

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Updated EPCRS Program: Key Takeaways for Plan Sponsors
Presented by: W. Andrew Douglass & Patti J. Hedgpeth, Polsinelli Law Firm
Presentation Date: Wednesday, February 8, 2017
Presentation Time: 11:00 A.M. – 12:00 P.M. CT
Continuing Education Credits: 1.20 NIPA CPE; 1 ERPA CPE 


Description: In late 2016, the IRS issued Revenue Procedure 2016-51 to revise the Employee Plans Compliance Resolution System (“EPCRS”) used by employers to correct operational failures and other errors under their 401(k) plans, defined benefit pension plans, and other tax-qualified retirement plans. In addition to providing many helpful clarifications, Rev. Proc. 2016-51 also gives additional flexibility when correcting common errors to maintain a plan’s tax-qualified status. 
 
The revised EPCRS program became effective on January 1, 2017. With big changes to the IRS determination letter program also taking effect in 2017, employers and third-party administrators will need to be more vigilant than ever when monitoring the operation of their retirement plans.
 
ERISA attorneys Patti Hedgpeth and Andrew Douglass will go in-depth to explain the revised EPCRS program and how it will impact corrections of administrative failures and other common errors under tax-qualified retirement plans.


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