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ARTICLE · 06 SEPTEMBER 2021

IRS Compliance Checklist: Keep Your Plan Running Smoothly And Legally

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Some IRS compliance requirements for plan sponsors may be more familiar than others. Because knowledge of even the most basic rules tends to vary, the IRS offers a 401(k)

United StatesEmployment and HR
James Pellino
James Pellino
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Some IRS compliance requirements for plan sponsors may be more familiar than others. Because knowledge of even the most basic rules tends to vary, the IRS offers a 401(k) plan checklist of the top compliance tasks. It is a good idea to test your plan against this checklist.

Before you start

Both you and your third-party administrator (TPA) should review the checklist. If your TPA handles compliance requirements on your behalf, use the list of questions to ensure that your TPA is on top of things.

Keep in mind that even if you - or your TPA - can answer all the questions affirmatively, it is no guarantee that your plan is fully compliant. The IRS cautions that the checklist is "only a guide to a more compliant plan." 

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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