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ARTICLE · 28 MAY 2010

401(k) Plan Sponsors Should Be On Alert for IRS Questionnaire

Barnes & Thornburg LLP
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Last week the IRS announced that it will be issuing a "voluntary compliance" 401(k) plan questionnaire to approximately 1,200 companies that sponsor 401(k) plans.

United StatesEmployment and HR
Barnes & Thornburg’S Labor & Employment Group
Barnes & Thornburg’S Labor & Employment Group
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Last week the IRS announced that it will be issuing a "voluntary compliance" 401(k) plan questionnaire to approximately 1,200 companies that sponsor 401(k) plans. The IRS stated that the questionnaires will be sent at the end of this month and may be responded to electronically. With this announcement, the IRS has signaled its intent to focus heavily on 401(k) compliance, stating that 401(k) plans represent the largest area of qualified plan noncompliance while representing the largest base of retirement plan benefits.

Although an employer's duty to respond to the questionnaire is technically "voluntary," the IRS did indicate it is very interested in obtaining the data targeted in the survey. Also, IRS cautions that failure to respond will result in further enforcement. Significantly, although receipt of the questionnaire does not technically mean a plan is under audit or investigation, the IRS stated that it intends to use information gathered in the process for

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