Headlines about "Ret plans - audits by gov't agencies"

Gathered from the web by the editors at BenefitsLink.com.
[Guidance Overview] User Fees for Employee Plan Determination Letters Stable in 2012
"The IRS has updated its user fee schedule, generally effective February 1, 2012, for requests for various types of employee plan letter rulings and determination letters, and other matters . . . ." (Wolters Kluwer Law & Business / CCH)

[Guidance Overview] Numerous Changes Have Been Made to and by Determination Letter Procedures
"The revised procedures are effective February 1, 2012 for plans under the five-year remedial amendment cycle (other than terminating plans), and May 1, 2012 for terminating plans and for plans under the six-year remedial amendment cycle." (Wolters Kluwer Law & Business / CCH)

[Opinion] NTSAA and ASPPA Letter on the Inclusion of 403(b) Plans in the Prototype Program
"On January 23, 2012, NTSAA and ASPPA submitted comments to [IRS] in support of the inclusion of 403(b) plans in the prototype program for pre-approved plan documents. IRS officials have recently indicated that budget concerns may result in a reexamination of whether to include 403(b) plan documents in the pre-approved plan program. NTSAA and ASPPA believe that a prototype program for 403(b) plans is essential for the proper administration of the tax laws and that it would be a mistake to abandon this integral component of 403(b) compliance." (American Society of Pension Professionals & Actuaries/National Tax Sheltered Accounts Association)

[Guidance Overview] The IRS Updated Filing Process for Qualified Plans (PDF)
"The new year begins with a new round of IRS filing deadlines along with new procedures and guidance that must be followed in order for the IRS to make a determination that qualified plan documents comply, as to form, with the requirements of the Code. This article reviews a number of pieces of recent IRS guidance affecting the filing process for qualified plans." (Groom Law Group)

[Guidance Overview] Changes and Clarifications to the Determination Letter Program
"These changes, which are effective Feb. 1, 2012 (May 1, 2012, for terminating and pre-approved plans), are designed, among other things, to eliminate features of the program that the IRS believes will improve efficiency by reducing the processing time for determination letter applications." (Drinker Biddle & Reath LLP)

[Guidance Overview] IRS Reduces Program for Requesting Tax Status Determination Letters
"Revenue Procedure 2012‑6 significantly reduces the scope of the determination letter program in several ways. These changes particularly affect sponsors of pre-approved master and prototype (M&P) or volume submitter plans. Sponsors of such plans may still generally rely on 'opinion' or 'advisory' letters . . ., however, the IRS has largely eliminated the option of applying for an individual, supplemental determination letter on the abbreviated Form 5307." (Littler Mendelson P.C.)

Preparing for Your First 401k Plan Audit (PDF)
"Whether your company needs a plan audit today or in future, this white paper is a roadmap of what to consider, what to expect and how to be ready for an upcoming plan audit." (Mohler, Nixon & Williams Accountancy Corporation)

[Guidance Overview] New Procedures for Filing Determination Letter Applications
"Several important changes will take effect in the determination letter program beginning in 2012. The IRS has stated that these changes are intended to (1) reduce the burden on employers for filing determination letter applications (and in some cases, eliminate the need to file an application) and (2) reduce the time it takes for the IRS to process determination letter applications." (Porter Wright Morris & Arthur LLP)

[Guidance Overview] Three Tips for Cycle A Determination Letter Filers
"Use the old Form 5300. . . . Make sure plan amendments are signed and dated. . . . If you detect a serious document problem, commence correction before you file." (Verrill Dana, LLP)

[Guidance Overview] IRS Announcements Provide Desired Extension and Significant Changes to Determination Letter Program
"Many practitioners have recommended to their clients that they always obtain a determination letter. That will no longer be possible for prototypes. Does this mean that employers will be switched to volume submitter plans and minor language changes made for the sole purpose of getting a letter? What impact will this have on examinations?" (McKay Hochman Co., Inc.)

[Guidance Overview] IRS 2011 Cumulative List Contains Requirements for Cycle B Individually Designed Defined Contribution and Defined Benefit Plans
"The Cycle B plans are to be submitted to the IRS for determination letter approval between February 1, 2012 and January 31, 2013." (McKay Hochman Co., Inc.)

[Guidance Overview] IRS Determination Letter Program Will Change in 2012
"Effective May 1, 2012, two more circumstances will apply to require a Form 5300 be used: Aggregation of Plans -- Where the employer has added language to an M&P plan to satisfy the Code ? 415 annual limit and ? 416 top heavy requirements because of the required aggregation of plans. Pre-Age 62 Normal Retirement Age -- Where a pre-approved pension plan has defined normal retirement age to be earlier than age 62." (Deloitte via BenefitsLink.com)

[Guidance Overview] IRS Announces Changes to Determination Letter Program for 2012
"These changes are expected to reduce the time it takes the IRS to process determination letter applications, which will be a plus for both the IRS and plan sponsors. But they also appear to eliminate any opportunity in the determination letter process to present discrimination testing methods for review, discussion, and implicit approval." (Thomson Reuters/EBIA)

[Guidance Overview] IRS Announcement 2011-82 Outlines Changes to Employee Plans Determination Letter Program
"The changes eliminate elective demonstrations regarding coverage and nondiscrimination requirements and provide that only employers who have made limited changes to their pre-approved volume submitter (VS) plans may file Form 5307." (Practical Law Company)

IRS Employee Plans News, December 20, 2011 (PDF)
This edition addresses: Examination Issues; Determination Letter Program;Form 5500; a list of Updated Products and Publications; and, Preparer Tax Identification Number News. (U.S. Internal Revenue Service)

[Guidance Overview] New Determination Letter Procedures
"The IRS provides a chart at their website detailing the effective date of the changes and the specifics for specific line numbers of existing forms." (Wolters Kluwer Law & Business / ftwilliam.com)

IRS Determination Letters Will No Longer Consider Coverage, Nondiscrimination Testing
"The changes take effect with Cycle B, for submissions made on or after Feb. 1, 2012, with a later effective date for terminating plans. Similar changes apply to individual determination letter requests for preapproved plans, effective May 1, 2012. The changes eliminate a plan sponsor's ability to obtain IRS review of nondiscrimination testing issues." (Mercer LLC)

[Official Guidance] IRS Employee Plans News, December 16, 2011 (PDF)
Articles include: Significant changes to the Employee Plans Determination Letter Program - Announcement 2011-82; Relief for IRA owners who have certain agreements with their brokers or financial institutions - Announcement 2011-81; 2011 Cumulative List of Changes in Plan Qualification Requirements - Notice 2011-97. (U.S. Internal Revenue Service)

[Guidance Overview] Required 2011 Qualified Retirement Plan Amendments and Cycle A Determination Letter Filing Deadline
"Discussed [in this article] are summaries of the amendments that individually designed plans may be required to adopt in 2011 as well as the plan document considerations for plans that are scheduled to apply for an IRS determination letter under Cycle A." (Practical Law Company)

[Guidance Overview] Cycle A Filers May Use Prior Version of Form 5300, IRS Advises
"The IRS has reminded employers that the second remedial amendment cycle submission period for individually designed plans in Cycle A began on February 1, 2011 and ends on January 31, 2012." (Wolters Kluwer Law & Business / CCH)

Diligent Plan Sponsors Would Want to Be Prepared for an Audit
"A DOL 401(k) audit can be triggered by an employee complaint or even information you have submitted in your retirement plan's annual Form 5500 filing. Of course, it can be totally random as well. So what should you have available for inspection if the audit requests comes along?" (Fox Rothschild LLP)

What to Expect When Your Retirement Plan is Audited
"During a live webcast, members of the team at Cilfon Gunderson LLP explained what to expect and prepare for when receiving a plan audit notice. Following these easy tips, you can work to avoid an audit, but if you do have to go through the auditing process, it doesn't need to be a stressful experience, especially if you are well prepared." (PLANSPONSOR.COM)

IRS Employee Plans Office Facing Challenges to Improve Processing of ESOP Applications, IRS Official Says
"ESOP processing has faced a number of obstacles over the years. Initially, work on ESOPs was considered 'nonspecialized' and was assigned as general process work. In 2001, two developments triggered the need to develop a cadre of ESOP specialists: the detection of widespread abuses involving ESOPs, and the enactment of new requirements in Code Sec. 409(p)." (Wolters Kluwer Law & Business / CCH)

Employers Must Understand the Status of Their Retirement Plan Documents
"Whether or not an employer should obtain an individual determination letter should be carefully considered based on the size of the employer, number of participants in a plan, the length of time the plan has been in existence, intentions to sell a company, possible plan mergers and past administrative practices." (Employee Benefit News)

IRS's EP Function Should Continue Efforts to Gather Needed Retirement Plan Information
"The Treasury Inspector General for Tax Administration . . . has found that certain information that is no longer required to be reported on annual returns processed by the Labor Department and provided to the IRS was used by the IRS's Employee Plans (EP) function to identify the characteristics of noncompliant plans for examination." (Wolters Kluwer Law & Business / CCH)

[Guidance Overview] FOIA Request to IRS for Information on Pension Plan's Participation in Voluntary Compliance Program Denied
"Retired employees who were participants in a pension plan submitted an FOIA request to the IRS, seeking copies of all the documents associated with the IRS' handling of their former employer's submission under the VCRP concerning pension payments that resulted in an IRS Compliance Statement. The requested documents included the full submission made by the employer and the pension plan administrators . . . ." (Wolters Kluwer Law & Business / CCH)

[Guidance Overview] FOIA Request to IRS for Information on Pension Plan's Participation in Voluntary Compliance Program Denied
"[T]he information requested was exempt from disclosure under Code Sec. 6103, according to the U.S. Court of Appeals in Denver . . . ." (Wolters Kluwer Law & Business / CCH)

Partial Plan Termination Determination
"The IRS is actively pursuing employers whose retirement plans may have experienced a partial termination event. It is important to note that the partial termination rules apply to both defined contribution and defined benefit plans." (Warner Norcross & Judd LLP)

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