IRS Surveying 401(k) Plans for New Compliance Project
The IRS has launched a new project aimed at 401(k) plan compliance. According to the IRS’s web site, the initiative is driven by (1) awareness that 401(k) plans now represent the largest retirement plan market segment, and (2) results from a previous IRS study revealing that these plans are by far the most noncompliant plan type. The IRS will be randomly selecting 1,200 401(k) plans that filed a Form 5500 for the 2007 plan year and sending their plan sponsors a 46-page questionnaire. Click here to read a brief summary about the project.