The Internal Revenue Service has offered more ways for employers to make voluntary corrections in their employee retirement plans to bring them into compliance with tax laws and regulations.

Under the Employee Plans Compliance Resolution System, plan sponsors and plan professionals can correct certain errors in employee retirement plans, in some cases without having to notify the IRS.  Correcting plans in this way allows participants to continue receiving tax-favored retirement benefits and protects the retirement benefits of employees and retirees.

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