ADMIN Partners is committed to creating educational opportunities for both our existing and potential clients. We understand that by educating our clients, we create a stronger relationship with them and they in turn, are more successful at maintaining their retirement plan. The benefits of having an informed Plan Sponsor is extraordinary when it comes to effective plan management. This is why ADMIN Partners decided to create a three-part series outlining why all plan sponsors should be informed. The final part of the series evaluates an IRS audit and the obligation the Plan Sponsor has to the Plan in this situation.
One of the biggest misconceptions in the retirement plan world is that only large plans with millions of dollars in investments are audited by the IRS. In fact, plans of all sizes can be subject to an audit from the IRS. ADMIN Partners takes pride in our ability to aid any client going through an IRS audit; however, being aware of the process and preparing a plan for the threat of an audit is an essential duty for a Plan Sponsor. Sponsors should be fully informed in the importance of topics like Universal Availability and the necessity of the meaningful notice requirement. They should also be familiar with emerging IRS rules such as the new 403(b) prototype plan document and the deadlines surrounding those changes. This is where TPA services like the ones provided by ADMIN Partners can be especially beneficial as there is a great deal of support provided to the TPA.
Do you have more questions about how you can better manage your retirement plan? Feel free to reach out to us anytime by calling us (toll free) at 8 7 7 – 4 8 4 – 4 4 0 0 or via email at [email protected].