IRS Releases 401(k) Compliance Check Report

Robin Weingast checklistIn late March, the IRS released the results of its 401(k) Compliance Check Questionnaire Project. The IRS embarked on this project in 2012 as a way to assess the compliance of largest retirement plan market segment in order to assure the overall long-term health of the American retirement system.

Their questionnaire was sent to a random sample of 1,200 401(k) plan sponsors that filed a Form 5500 for the 2007 plan year.  Questions  were centered around topics of: demographics, plan participation, contributions, designated Roth features, distributions, top-heavy and nondiscrimination testing, IRS correction programs and plan administration.

The IRS recently published both a summary of key findings as well as a comprehensive report. You can download the 91-page report here.

It is clear that the IRS is focused on ensuring plan compliance. Robin Weingast and the entire Robin S. Weingast and Associates team are prepared to assist you in making sure your plan is compliant. Robin Weingast and her team can also assist you in providing ancillary “retirement” benefits to select groups of key employees and/or owners, without including all of the employees and to “Legally Discriminate” to include any one you want to participate in the plan. Contact Robin S. Weingast and Associates to learn more.

Leave a Reply

Your email address will not be published. Required fields are marked *