If your business sponsors an employee retirement plan, you have a fiduciary responsibility to make sure the plan is governed and operated in compliance with federal guidelines and regulations. These rules are designed to protect both plan sponsors and participants, and apply to a wide range of plan types, including 401(k), 403(b), SEP, SARSEP, Simple IRA, and other plans.
Fortunately, the Internal Revenue Service (IRS) provides a number of helpful checklists and guides to help plan sponsors more fully understand their responsibilities. We’ve assembled links to some of these important guides below.
Tips on how to find, fix, and avoid common mistakes in retirement plans. Each guide provides: an overview of the rules for each plan type, an overview of the Employee Plans Compliance Resolution System, the most frequent errors found in each plan type, and tips on how to find, fix and avoid these mistakes.
- 401(k) Plan Fix-It Guide
- 403(b) Plan Fix-It Guide
- SARSEP Plan Fix-It Guide
- SEP Fix-It Guide
- SIMPLE IRA Plan Fix-it Guide
A retirement plan needs regular care to keep it operating properly. Your plan’s care should include a regular review of your plan’s basic operations. These one-page checklists are a quick way to start your review. Each checklist links to a Fix-It Guide with tips on how to find, fix and avoid each potential error.
You want to do the right things to run your plan. These tips will help you stay on course. Remember that you, the employer, are responsible for keeping your plan in compliance.
Helpful information for benefit plan administrators who are selecting a plan auditor and review the audit work and report.
Employee benefit plans are complex and require close monitoring as well as careful reporting in order to remain in compliance. Gray, Gray & Gray’s Employee Benefit Plan Audits Group can help. Contact us with your questions or concerns today by calling (781) 407-0300.