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June 01, 2007 at 01:30 PM
Employers and administrators that want to correct problems with retirement plans will be following a new set of procedures.
The Internal Revenue Service has released new rules for the Employee Plans Compliance Resolution System in Revenue Procedure 2006-27.
The revenue procedure will affect employers and others that come forward to correct plan problems on their own, rather than waiting until IRS examiners detect unintentional violations of IRS rules.
The new system, which updates a compliance system revenue procedure released in 2003, follows the principle that “fees and sanctions should be graduated in a series of steps, so there is always an incentive to correct promptly,” IRS officials write in an overview section at the beginning of the new revenue procedure.
