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The New, New (EPCRS Voluntary Correction) Thing: 457(b) Plans

By Alden Bianchi and Ann Fievet

Plan sponsors of tax-qualified and other retirement arrangements can now submit corrections for qualification failures, both voluntary and on audit, through the IRS’s Employee Plans Compliance Resolution System. Though correction of a 457(b) plan, whether maintained by a governmental or a tax-exempt entity, is at the discretion of the IRS, plan sponsors now have a potential remedy for compliance failures, including violations of sometimes arcane and complex tax rules. Click here for the full advisory providing details on the new voluntary correction system and what it means for plan sponsors.

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