Low Fiduciary Bond Coverage: IRS Audit Finding

According to PlanSponsor.com, a recent IRS audit study found that most of the tested plans' annual Form 5500 reports "flunked on one major issue -- buying enough fiduciary bond coverage for their fiduciaries and administrators."

 

The second most common regulatory problem was "failure to amend and comply with current law anad regulatory guidance."

 

For the complete article and a link to more information on the IRS audit project, read "IRS Audit Project Finds Low Bonding Coverage Problem," at PlanSponsor.com.

 

Please contact us to with any questions you might have about the topics covered in the article. Baden Retirement Plan Services has been assisting its clients with plan design, plan documents, amending plan documents and maintaining compliance with laws and regulations set forth by the Department of Labor and the IRS for over 20 years.