IRS
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Is Your Plan Ready to Respond to an IRS Inquiry?
- October 5, 2022
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
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As 2022 comes to a close, plan sponsors and advisors should take the opportunity to review qualified plans to ensure compliance. The IRS has implemented the Employee Plans Compliance Resolution System, or EPCRS, which offers a 90-day notice for IRS audits, allowing plan sponsors to address any issues with their plan. The attached checklist will give plan sponsors a starting point for evaluating whether their plan is in compliance and ready to respond to an IRS inquiry.
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Plan Governance and Document Retention
- June 13, 2019
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
There are different retention requirements between the ERISA Regulations and the Internal Revenue Code. Plan Sponsors and Fiduciaries need to be very familiar with record retention requirements in order to produce the documentation in the event of an IRS audit or DOL investigation.
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Best Practices for Your Plan Fiduciary
- April 23, 2019
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
Governing a qualified retirement plan requires the plan fiduciaries to be able to understand and apply complex regulations found in the Internal Revenue Code and ERISA. We’re looking at a guide that you can use to be sure your plan fiduciary is following best practices while governing your plan.
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Locating Missing Plan Participants
- April 9, 2019
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
Not documenting and attempting to follow the guidelines for the distribution of the following notices and disclosures can create an operational and fiduciary breach of duty by the named plan administrator, the plan sponsor.
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401(k) Plan Mistakes and Fix-It Guide
- April 12, 2018
- Posted by: Jeff Atwell
- Category: Resources, Uncategorized
Plan sponsors should be aware of the various options available to them to fix a 401(k) Plan operational defect or fiduciary breach once discovered. The attached 401(k) fix it guide is designed to assist plan sponsors and advisors in identifying the defect and identifying the correct method to correct the defect.