The IRS recently updated its Employee Plans Compliance Resolution System (EPCRS). Under Revenue Procedure 2026-34, effective Oct. 22, 2026, employers sponsoring qualified retirement plans, 403(b) plans, SEP arrangements and SIMPLE IRA plans have expanded opportunities to correct plan errors while preserving tax-favored benefits. EPCRS offers three correction options: the Self-Correction Program, the Voluntary Correction Program and the Audit Closing Agreement Program. The updates expand self-correction options for certain inadvertent errors, including plan loan failures. Contact us for help understanding how these changes may affect your business’s retirement plan.
