FIDUCIARY FOCUS Mistakes Happen Common errors that occur and how the EPCRS helps to correct them N obody's perfect. It follows then that retirement plans aren't perfect, and often mistakes happen. The IRS recognizes this and implemented the Employee Plans Compliance Resolution System (EPCRS) to provide procedures to allow plan sponsors to make corrections. Recently, the agency updated those correction procedures. This got us thinking that our readers may find it useful to read about some common plan errors-both under the Internal Revenue Code (IRC) and Employee Retirement Income Security Act (ERISA). Compensation Yes, everyone cares about compensation, but retirement plan administrators should really care about compensation, as what is included or excluded in the definition of compensation for plan purposes is probably one of the most common errors we see. Too often a new pay code is added without thehttp://www.PLANSPONSOR.COM