I have been in the retirement plan business for over 15 years and I have met too many plan sponsors who don’t care that their plan isn’t being run correctly. What makes them eventually care is when they are audited by the Internal Revenue Service (IRS) and/or the Department of Labor (DOL) and get penalized for those very mistakes that plan providers had already pointed out. In 2013, the DOL penalized employers $1.69 billion dollars for problems they had with their retirement plans. The point of correcting plan errors is for a plan sponsor is to correct it before the DOL and/or the IRS finds it. So this article is about plan errors that plan sponsors should correct before the government does.
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Topics: Audits, Benefit Plan Sponsors, Compliance, DOL, Employee Benefits, IRS
Published In: Business Organization Updates, Finance & Banking Updates, Labor & Employment Updates, Tax Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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