Foster Swift Employment, Labor & Benefits E-News
May 27, 2010
The IRS has just announced that during the week of May 17, 2010, a letter was sent by its Employee Plans Compliance Unit (EPCU) to 1,200 sponsors of 401(k) plans. The letter instructs the recipient to complete an online 401(k) Compliance Check Questionnaire that covers a wide range of 401(k) compliance issues. The EPCU intends to use the data collected from the questionnaire to maximize its resources for education, outreach, guidance and enforcement efforts. All plan sponsors will complete the same questionnaire. Your company's complete response is required if your company received a letter from the IRS with instructions for completion of the 401(k) Compliance Check Questionnaire. The IRS has said that a sponsor's failure to respond to the questionnaire or to provide complete information will result in further action or examination of the sponsor's 401(k) plan.
Please contact Stephen Jurmu if your company is a recipient of the IRS EPCU letter and you have questions regarding or need assistance with completion of the questionnaire.