29 U.S.C. § 1202a — Employee plans compliance resolution system

(a) General authority. The Treasury Secretary may establish and operate the Employee Plans Compliance Resolution System, or a successor, and other employee-plan correction policies. The Secretary may waive income, excise, or other taxes so that a tax, penalty, or sanction is not excessive and reasonably relates to the failure’s nature, extent, and seriousness. (b) Improvements. The Secretary must keep updating and improving the system, with special attention to: (1) making small employers more aware of the program and how to use it; (2) considering their special compliance and correction concerns; (3) extending the self-correction period for significant failures; (4) making it more available to correct insignificant failures during an audit; and (5) ensuring taxes, penalties, and sanctions are not excessive and reasonably relate to the failure’s nature, extent, and seriousness.