Updated correction program for retirement planners.

• Position: IRS Update

The IRS has revised Rev. Proc. 2006-27, which governs the Employee Plans Compliance Resolution System, its voluntary correction program for employee retirement plans.

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The revisions provide guidance for excluded employees, particularly in 401(k) plans, as well as for bad loans. The revisions also state that EPCRS is unavailable in cases where either the plan or plan sponsor has been a party to an abusive...