The Washington Report
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May 31, 2023
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Retirement
IRS Releases Guidance on Section 305 of SECURE 2.0 With Respect to Expansion of EPCRS
On May 25, 2023, the Internal Revenue Service (IRS) released Notice 2023-43, which provides guidance on Section 305 of the SECURE 2.0 Act of 2022 (SECURE 2.0) with respect to the expansion of the Employee Plans Compliance Resolution System (EPCRS). Section 305 of SECURE 2.0 expands the Self-Correction Program under EPCRS and requires that Revenue Procedure 2021-30 be revised to take into account the provisions of Section 305 no later than two years after the date of enactment of SECURE 2.0. Notice 2023-43 specifies certain conditions under which a plan sponsor may (or may not) self-correct plan failures prior to the revision of Revenue Procedure 2021-30, and requests comments on both the guidance in the Notice and other aspects of Section 305 of SECURE 2.0. Comments should be submitted in writing on or before August 23, 2023.
IRS Notice 2023-43 is available here.