The revenue procedure is a general update of Rev. Proc. 2015–8. Section 5 has been modified to include the following definitions, which relate to VCP submissions: 403(b) Plan, Group Submission, Nonamender Failure, Orphan Plan, Plan Loan Failure, Qualified Plan and VCP Submission. The IRS added new section, “User Fees for Voluntary Correction Program (VCP) submissions under the Employee Plans Compliance Resolution System.”
In addition, references to 403(b) pre-approved plans were added and a section was added for 403(b) volume submitter specimen plans (mass and non-mass submitter).
The guidance is effective February 1, 2016.