In the June 3, 2022 Employee Plans News, the Internal Revenue Service (“IRS”) announced a new 90-day pre-examination compliance pilot program (the “Program”). The Program provides an avenue to streamline a retirement plan audit, and is designed to reduce a plan sponsor’s burden and reduce the amount of time spent by both the IRS and the plan sponsor on retirement plan examinations. This streamlined approach requires that plan sponsors address the specific audit issue raised in the IRS letter, as well as provide documentation that supports overall compliance. Importantly, failure to respond to the IRS letter will result in the IRS contacting the plan sponsor to schedule an exam.
In this Journal of Pension Benefits article, Groom’s Elizabeth Dold and Kimberly Boberg discuss facets of the Program in Q&A format.
To read the article, click here.