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Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
As an employee benefit plan sponsor, you have a fiduciary responsibility to ensure that your qualified plan complies with all current employee benefits laws and regulations, and operates within the plan’s current provisions. To help ensure your defined contribution plan meets compliance standards, the Internal Revenue Service (IRS) encourages plan providers to consider this seven-question checklist:
If you made hardship distributions without a plan provision, you must amend your plan document retroactively.
Answering “no” to any of these questions may result in serious consequences for the plan. If you believe your plan requires corrective action, please contact Doeren Mayhew’s employee benefit plan specialists to review your plan’s correction options.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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