401k Compliance Questionaire-59a, 59b, 59 c

datePosted on 21:39, May 18th, 2010 by lee

http://www.lanepowell.com/9600/irs-announces-401k-compliance-check-questionnaire-project/

http://www.irs.gov/retirement/article/0,,id=223440,00.html

4o1k Compliance questionnaire-It is 46 pages and is only 60 questions if you don’t count the a’s,b’s, and c’s. It is not voluntary. No doubt 99.99% of plan sponsors will not have the resources to complete this with internal resources. How much will this increase the cost of maintaining a 401k plan? Someone has to sit down and gather all of the data and begin the miserable process of answering all of the questions. Either the plan sponsor will have to pay for it or it will be deducted out of the participants accounts, someone has to pay for it.

I would urge you to print the document out and show it to prospective clients. I don’t think anyone would believe the government would put such a burden on employers if they didn’t actually see it. I didn’t.

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