The best way to avoid long-running errors on your retirement plan is to periodically review the plan to ensure it’s operating in compliance. You should complete a Retrirement Plan Check-up twice a year; in the summer and winter.
The IRS has a retirement plan check-up brochure on their website that details what, how and when the check-up should be performed. Read the IRS brochure “Have You Had Your Check-up This Year?” for an overview of the process. The brochure includes helpful links to other resources, like their 401(k) Plan Checklist and their Fix-it Guide on how to find, fix and avoid plan mistakes.
Besides, the IRS says reading the brochure may be the best 2 minutes you’ve ever spent on your business’ retirement plan! Reviewing your plan now may save time and money later.
If you have questions or concerns about your plan’s compliance, please contact Watkins Ross to discuss the specifics and any appropriate corrections.
