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IRS Launches Retirement Plan Compliance Program Pilot

June 3, 2022, 3:36 PM

The IRS Employee Plans function is piloting a pre-examination retirement plan compliance program beginning this month, according to the agency Friday.

This program will notify a plan sponsor by letter that their retirement plan was selected for an upcoming examination and gives a 90-day window to review their plan’s document and operations to determine whether they meet current tax law requirements. If the review reveals mistakes, a plan sponsor may be able to self-correct these mistakes using the correction principles in the IRS’s voluntary compliance program.

At the end of this pilot, the IRS will evaluate its effectiveness to determine ...