The IRS recently issued its final report summarizing the results from the 401(k) compliance check questionnaire. The 91-page report shares information with the retirement plans community regarding the IRS’s findings.
In May 2010, the IRS Employee Plans Compliance Unit sent 401(k) compliance check questionnaires to 1,200 employers who sponsor a plan under Section 401(k). The questionnaire requested information in the following areas: demographics, plan participation, contributions, designated Roth features, distributions, top-heavy and nondiscrimination testing, IRS correction programs and plan administration. In addition to the report, the IRS released frequently asked questions about the report. Read the report and the frequently asked questions.
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