I would have this recurring nightmare when I was younger, when I would dream that I was back in school, didn’t attend class all semester, and the final for the class was that day. I later learned that this was a fear of failure and when I was younger and working for someone else, that was legitimate.

I guess the fear has become a reality, well sort of. Dealing with a plan sponsor that got hit by a failure to remit a Form 5500 is one thing, the fact that they haven’t even started getting the plan audited is another. Also, having no plan documents since the beginning of the plan, and having no valuation reports or records for the last few years isn’t fun.

As a plan sponsor, saying you have nothing is no answer. You can’t afford to put your hands up and do absolutely nothing. You have to find what you need and avoid the six-figure penalty.