An integrated circuit (IC) module that includes an integrated circuit (IC) package, a plurality of first solder interconnects coupled to the IC package, an interposer coupled to the IC package through the plurality of first solder interconnects a plurality of second solder interconnects coupled to the interposer; and a printed circuit board (PCB) coupled to the interposer through the plurality of second solder interconnects. The interposer includes an encapsulation layer, a first passive component at least partially embedded in the encapsulation layer, and a plurality of interconnects coupled to the first passive component. The encapsulation layer includes a mold and/or an epoxy fill. The first passive component is configured to operate as an electronic voltage regulator (EVR) for the IC module. In some implementations, the interposer is a fan out interposer.