News & Knowledge Practice Management | Wealth ManagementNovember 22, 2019April 6, 2023 Implications of the IRS’ Expanded Self-Correction Program Under EPCRS By: Joe Dillon, CFP® < 1 Minute Read This spring, the IRS expanded the self-correction program (SCP) under the Employee Plans Compliance Resolution System (EPCRS). The expansion brings about a welcome change for plan sponsors, as the prior alternative—the Voluntary Correction Program—required the IRS be notified, fees to a be assessed, and approval to be granted for the correction. As background, the SCP is available to correct insignificant operational failures within retirement plans and, if certain requirements are met, more significant operational and plan document failures as well. The SCP generally allows plan sponsors to make and document certain specific corrections internally without notifying the IRS or seeking prior approval. This recent expansion permits self-correction of specified loan failures, certain plan document failures, and operational failures by retroactive plan amendment when specific requirements are met. What Do Plan Sponsors Need to Do? While we won’t go into additional detail in this summary, the bottom line is there’s no immediate action needed from plan sponsors. The most important thing to note is that there are procedures in place for plan sponsors when there are plan issues that need to be corrected. For more information on the SCP and the implications for your organization’s retirement plan, please reach out to Curi Capital’s Retirement Plan Solutions team at 984-202-2800. Joe Dillon, CFP® Joe Dillon is Curi Capital’s Managing Director of Retirement Plan Solutions, based in Raleigh, NC. READ NEXT April 5, 2024April 5, 2024Practice Management Five Steps to Reduce Generative AI Risks in Healthcare AI is already assisting physicians and healthcare organizations in many ways. Learn how its use may impact liability and what strategies can mitigate risk. Read more April 3, 2024April 5, 2024Human Resources | Practice Management Webinar: ADA, FMLA, Workers’ Compensation: Understanding The Bermuda Triangle of Employment Law What do you do when an employee needs time off for a medical issue for themselves or their loved ones? If they were injured at work,… Read more March 20, 2024April 1, 2024Company News | Curi Capital | Wealth Management Meet the Curi Capital Team: Spotlight on Hannah Arthur, Senior Client Service Administrator At Curi RMB Capital, it’s our mission to help clients build true wealth, however they define it. Our team brings the knowledge, experience, and passion aiming to help clients meet their goals through a wide range of financial services and solutions—and we’d love for you to meet them. Get to know Hannah Arthur, Senior Client Service Administrator Read more