IRS Questionnaire for 401(k) Plan Sponsors

According to an article posted on plansponsor.com, during the week of May 24, 2010, the Internal Revenue Service (IRS) will select a "random sample of 1,200 401(k) sponsors...to fill out an online compliance check questionnaire."

 

The survey will be conducted as a webpoll and will ask for information specifically pertaining to the sponsor's plan's features.  Plan sponsors selected to participate in the questionnaire will also receive a paper copy with instructions.

 

"While noting that the effort was not a formal IRS audit, the agency said failure to respond to or provide complete information will result in further action or examination of the plan."

 

Click here for the full article.

 

Please contact us with questions related to administering 401(k) plans in general or a specific plan.