Washington - The Internal Revenue Service is streamlining its system of voluntary correction programs designed to help retirement plan sponsors and administrators retain the favorable tax status of their plans, including simplifying the fee structure for voluntary submissions.
The changes will make it easier for employee retirement plans to come into compliance with the law and to protect the retirement benefits of participating employees.
“Retirement plan laws are complex and ever changing. We will do everything we can to help businesses stay up to date and within the rules,” said Carol Gold, director of the IRS’s Employee Plans Division. “It’s easy for retirement plans to fall into noncompliance on any number of technical or administrative issues. Our priority is to offer plan sponsors and administrators a number of avenues to correct the plans.”
“A simplified system will provide an incentive for administrators to correct problems promptly. This is a more user-friendly process,” said Joyce Kahn, who directs the IRS’s voluntary compliance program for employee retirement plans. “Administrators can bring their plans into compliance and keep them compliant. The changes will benefit everyone: employers and employees,” she added.
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