The Internal Revenue Service wants to charge more for a program that sets quality standards for key retirement plan advisors.
The IRS has proposed charging a $250 enrollment fee and a separate $250 renewal fee for actuaries who want to become “enrolled actuaries.”
The IRS now charges a $25 renewal fee, according to a preamble to proposed regulations that appear today in the Federal Register.
The Employee Retirement Income Security Act set up the enrolled actuary program in an effort to ensure that the actuaries supplying the actuarial analyses required by ERISA were competent and ethical.
The proposed fee change probably would affect about 4,600 active enrolled actuaries, IRS officials estimate.
About 2,070 of those enrolled actuaries appear to be at firms with less than $6.5 million in annual revenue, the officials estimate.
A copy of the proposed regulations is available