Treasury and the IRS announced two revenue procedures updating correction options for employee retirement plans and establishing a correction program for Individual Retirement Accounts. The announcement, IR-2026-126, is dated October 22, 2026. Revenue Procedure 2026-34 expands the Employee Plans Compliance Resolution System, or EPCRS, and replaces and restructures Revenue Procedure 2021-30. The updated procedure takes effect October 22, 2026. EPCRS includes the Self-Correction Program, Voluntary Correction Program, and Audit Closing Agreement Program. These programs allow sponsors of qualified plans, section 403(b) plans, SEP arrangements, and SIMPLE IRA plans to correct errors and continue providing retirement benefits on a tax-favored basis. Revenue Procedure 2026-33 establishes the IRA Compliance Resolution System, or ICRS, modeled after the employee-plan correction procedure. The announcement describes the new system as enacted under the SECURE 2.0 Act of 2022. It permits IRA custodians and IRA owners to request correction of certain eligible inadvertent failures caused by service-provider errors. The ICRS revenue procedure takes effect May 1, 2027. ICRS also provides a process for retirement plan participants and IRA owners to request waivers of the requirement to complete a rollover to another plan or IRA within 60 days of a distribution. According to the announcement, those requests currently must be submitted as private letter ruling requests. They will transition to requests under ICRS over 2027 and 2028. Existing automatic waiver and self-certification procedures remain available at no cost to taxpayers who meet the requirements under Revenue Procedures 2020-46, 2016-47, and 2003-16. Treasury and the IRS invite comments on both programs. Each revenue procedure identifies issues for comment and provides submission instructions and deadlines. Source: https://www.irs.gov/newsroom/treasury-irs-update-retirement-plan-correction-program-and-establish-correction-program-for-individual-retirement-accounts