When was the last time you reviewed your company’s retirement plan for compliance? The administration of a 401(k) plan is governed by complex rules that are frequently revised. Failure to comply with these rules can lead to plan disqualification or other significant penalties.
Recently, the Internal Revenue Service has focused enforcement activity on examining the implementation of a strong internal control system. The IRS has publicly stated that if a plan is selected for audit the agent will use their evaluation of the plan’s internal controls to determine whether the scope of the examination will be focused or expanded.
To see the 5 tips… click here to read Jared Rosen’s article.