News & Analysis as of

Retirement Plan Audits Benefit Plan Sponsors

Bricker Graydon LLP

Did Your Auditors Find an Error During Your Plan Audit?

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It is the first week of summer, even though in Ohio the smoldering heat has made it feel like summer for weeks now. Summer reminds many of us of pool days, eating watermelon and corn on the cob, Fourth of July fireworks, and...more

Woods Rogers

They’re Back: IRS Announces Phase 2.0 of Pre-Audit Compliance Pilot

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On February 7, 2024, the IRS announced it has started the second phase of the Pre-Examination Retirement Plan Compliance Program pilot. (IRS Employee Plans News, February 7, 2024) Original Program Pilot - The initial...more

Allen Barron, Inc.

What Can A Tax Attorney Do For You? A Podcast With Janathan Allen

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Janathan Allen discusses what a tax attorney brings to the table that many other don’t. Ms. Allen notes that many attorneys don’t like numbers and yet there is so much in the business world that focuses upon the numbers...more

Bricker Graydon LLP

Small Change to Cash-Outs Could have Large Financial Effect

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Beginning this year, plan sponsors may increase their qualified plan’s mandatory cash-out limit from $5,000 to $7,000. The increase was enacted by SECURE 2.0, and applies to distributions made after December 31, 2023....more

Bricker Graydon LLP

Avoiding the Cost of an Annual Plan Audit Just Got Easier for Thousands of Employers

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In welcomed news, under newly released DOL regulations, the Department of Labor (DOL) has updated the Form 5500 filing requirements to reduce the number of plans that will be required to obtain an annual audit. The rule...more

Bricker Graydon LLP

Why Time is of the Essence More than Ever in Correcting Retirement Plan Errors

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Errors in retirement plans happen even to the most well-intentioned plan sponsors. Several decades ago, the IRS published the first version of the Employee Plans Compliance Resolution Program (EPCRS), which outlines...more

Holland & Hart - The Benefits Dial

Should I Pay Or Should I No(t) Now: Which Expenses Can be Paid with Plan Assets?

One question that often comes up is whether an expense related to an ERISA plan can be paid with plan assets. The decision of whether to use ERISA plan assets to pay an expense is an ERISA fiduciary decision. With the recent...more

Faegre Drinker Biddle & Reath LLP

The Annual Form 5500 Audit: DOL Broadens Criteria for Independent Qualified Public Accountants

The Department of Labor (DOL) recently removed one regulatory hurdle for public companies that maintain employee benefit plans subject to the Form 5500 requirement. Specifically, the DOL has relaxed the criteria for who...more

BCLP

Alert: New IRS Retirement Plan Compliance Program

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Dear Plan Sponsor - Have you received a letter from the IRS with respect to your retirement plan? If so (or if not, but you want to be prepared in the event you do receive “the letter”), read on....more

Laner Muchin, Ltd.

Plan Administrators of Retirement Plans Need to Prepare for New IRS Pre-Examination Compliance Pilot Program

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On June 3, 2022, the Internal Revenue Service (IRS) announced a new pilot program aimed at qualified retirement plan compliance. Pursuant to the program, the IRS will issue a letter to the plan administrator which provides a...more

Holland & Knight LLP

IRS Announces Retirement Plan Compliance Pilot Program

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Under the IRS Employee Plans Compliance Resolution System (EPCRS), as set forth in Revenue Procedure 2021-30, a plan that has been notified of an impending audit cannot remedy issues using the Voluntary Correction Program,...more

Brooks Pierce

IRS Announces New Pilot Program to Allow Plan Sponsors to Fix Retirement Plan Errors Before Audit

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On June 3, 2022, the IRS announced the launch of a new pilot program designed to streamline the retirement plan audit process and encourage employers to self-correct compliance issues with their plans. Beginning immediately,...more

McGuireWoods LLP

IRS Announces New Audit Program for Retirement Plans

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On June 3, 2022, the IRS announced it is launching a pilot pre-examination retirement plan compliance program, which generally will be effective immediately (June 2022). This pilot program essentially gives plan sponsors a...more

Woods Rogers

IRS Announces Another Compliance (Audit) Pilot Program. Oh joy!

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In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June 2022. Under this program, the IRS will...more

Verrill

IRS Announces New Pilot Program for Retirement Plan Audits

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On June 3, 2022, the Internal Revenue Service (“IRS”) announced a new pre-examination compliance pilot program beginning in June 2022. Under the pilot program, the IRS will notify a plan sponsor by letter that its retirement...more

Kilpatrick

IRS Announces Pre-Audit Compliance Pilot Program

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On June 3, 2022, the IRS announced a new pre-audit compliance program for retirement plans beginning immediately in June 2022 (the “Pilot Program”). Under the Pilot Program, the IRS will send a pre-audit letter to plan...more

Holland & Hart - The Benefits Dial

What Doesn’t Kill You Makes You Stronger… New Audit Requirements for Retirement Plans

For many retirement plan sponsors, Form 5500 preparation season is underway. Plan sponsors should be aware that things have changed with the Form 5500 audit requirements and procedures. These changes push more...more

Epstein Becker & Green

[Webinar] Hot Topics and Trends in Employee Benefits: What Employers Need to Know - November 3rd, 12:00 pm - 1:30 pm ET

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Attorneys from our Employee Benefits and Executive Compensation practice provide insights on current issues facing various types of employee benefits programs. Topics include: - Cybersecurity - DOL Audit Initiatives -...more

McDermott Will & Emery

Need a Do-Over? IRS Expands and Updates Qualified Plans Correction Guidance

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The Internal Revenue Service (IRS) issued Revenue Procedure 2021-30, which provides an updated version of the Employee Plans Compliance Resolution System (EPCRS). EPCRS is the IRS’s comprehensive program for plan sponsors to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Hire an ERISA attorney for an audit

Attorneys have a bad reputation and a lot of times, it’s warranted. I jokingly said I knew why people hated lawyers just by going to law school....more

Foley & Lardner LLP

Some Welcome News: IRS Expands and Modifies Its Correction Methodology with New Employee Plans Compliance Resolution System...

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Plan sponsors and other administrators of eligible retirement plans must ensure that these plans are operated properly in accordance with the applicable requirements of the Internal Revenue Code, including the applicable plan...more

Snell & Wilmer

Updated Nonqualified Deferred Compensation Plan Audit Guide

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In June the Internal Revenue Service released an updated Nonqualified Deferred Compensation Audit Technique Guide. This updated Guide replaces the initial Guide published in 2015. While it is too early to say whether the...more

Morgan Lewis

IRS Expands Self-Correction Procedures, but Eliminates Anonymous Voluntary Correction Program

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The Internal Revenue Service (IRS) made important changes to the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2021-30 that are helpful for plan sponsors as they expand the ability of plan sponsors...more

Bass, Berry & Sims PLC

DOL Begins Audit of Retirement Plans for Cybersecurity Shortfalls

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To increase protections for the estimated $9.3 trillion in American retirement assets, the Department of Labor (DOL) has begun a new cybersecurity audit initiative for retirement plans. After providing its first set of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When the government calls, call an ERISA attorney

The worst thing you can do is to handle things that you can’t. The one thing that plan sponsors can’t handle and shouldn’t is when they are contacted by the Internal Revenue Service and Department of Labor for an audit of...more

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