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Member, Beacon International Group, Ltd.
WASHINGTON—The Internal Revenue Service soon will be sending out questionnaires to about 1,200 sponsors of 401(k) plans as part of a project to provide the agency with information on a wide range of issues.
Among the 69 questions the IRS is asking are:
The IRS says it is conducting the survey to “determine potential compliance issues” as well as to help it decide where to focus enforcement efforts.
A previous IRS study found that 401(k) plans are the “most non-compliant plan type in the retirement plan universe.” Since 401(k) plans have become the dominant employment-based retirement plan, “it is important to the future of the private retirement system these plans maintain the highest level of compliance possible,” the IRS said in a preface to the questionnaire.