Changes to the IRS letter-forwarding program and related extension of EPCRS correction period
Internal Revenue Service (IRS) sent this bulletin at 08/31/2012 03:03 PM EDT
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Changes to the IRS letter-forwarding programToday, the Internal Revenue Service issued Revenue Procedure 2012-35, IRB 2012-37, revising the scope of the IRS letter-forwarding program. Revenue Procedure 2012-35 provides that the IRS will no longer forward letters on behalf of plan sponsors or administrators of qualified retirement plans or qualified termination administrators (QTAs) of abandoned plans under the Department of Labor’s Abandoned Plan Program who are attempting to locate missing plan participants and beneficiaries. Since the IRS letter-forwarding program began, numerous alternative missing person locator resources, including the Internet, have become available to assist a plan sponsor or plan administrator in locating a missing participant or beneficiary owed a retirement benefit, enabling the program change. In particular, this change affects retirement plan sponsors and administrators who are searching for plan participants or beneficiaries in order to correct failures that require payment of additional benefits in accordance with the Employee Plans Compliance Resolution System (EPCRS), as described in Revenue Procedure 2008-50, 2008-35 IRB 464. Accordingly, in future guidance on EPCRS, the IRS intends to provide an extended correction period for plan sponsors and administrators affected by this change in the letter-forwarding program. Revenue Procedure 2012-35 applies to requests postmarked on or after August 31, 2012. Requests that are postmarked prior to that date will continue to be processed pursuant to Revenue Procedure 94-22, 1994-1 CB 608.
IRS.gov - new lookAs you may have noticed, the IRS has made extensive changes to the look and functionality of the IRS.gov website. These changes aim to improve online services for all stakeholders with the best content and Web experience that the IRS can offer. The new navigation is one of the most significant changes users will see on IRS.gov. While the home page looks similar, there are new colors, new headings and a completely new way to navigate the site. To maintain a measure of continuity between the old and new, you’ll find a menu list in the upper right-hand corner called “Information for...” that incorporates virtually all content from the old site under familiar headings such as “Charities and Non-Profits,” Government Entities,” “Retirement Plans” and “Tax Exempt Bonds.” Alternately, you can always use the Web address www.irs.gov/retirement typed directly into your browser’s address window to access the page. If you bookmarked pages in the old website, check the redesigned site and update your bookmarks and favorites. A new feature on every page gives you the option of clicking a heart graphic to save the page as a bookmark.
If you have a technical or procedural question relating to retirement plans, please visit the EP Customer Account Services page in the Retirement section of the IRS.gov Web site. If you have a specific concern about your retirement plan, call EP CUSTOMER ACCOUNT SERVICES at 1-877-829-5500. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list Employee Plans News. Please Do Not Reply To This Message. |