EMPLOYEE PLANS

Rev. Proc. 2016–51, page 465. This revenue procedure updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of § 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code (the �Code�), but that have not met these requirements for a period of time. This system, the Employee Plans Compliance Resolution System (�EPCRS�), permits Plan Sponsors to correct these failures and thereby continue to provide their employees with retirement benefits on a tax-favored basis. EPCRS is being modified to take into account the changes in the determination letter application program, as described in Rev. Proc. 2016–37. In addition, this revenue procedure incorporates certain modifications set forth in Rev. Proc. 2015–27 and Rev.

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