IRS Updates and Expands Plan Correction Program

On May 5, 2006, the Internal Revenue Service issued Revenue Procedure 2006-27 ("Rev. Proc. 2006-27"), which updates the Employee Plans Compliance Resolution System ("EPCRS"). EPCRS, which is composed of the Self-Correction Program ("SCP"), the Voluntary Correction Program ("VCP"), and the Audit Closing Agreement Program ("Audit CAP"), provides plan sponsors with guidance to correct errors and defects that raise plan qualification issues.