For many small businesses, regulatory compliance is a significant concern when it comes to managing their retirement plan. Few things bring greater relief to a Plan Sponsor than knowing their Plan is compliant. And likewise, few things are scarier to a Plan Sponsor than finding out their Plan is not.
Unfortunately, this happens frequently with small business owners. These individuals often lack the internal resources, time, and expertise to prudently manage administrative requirements of their retirement plan that ensure its compliance.
Third party administrators can be extremely valuable partners to small business owners for this reason. Working together, we can identify the appropriate steps for fixing any document, compliance, or operational errors.
And the good news is in February 2016, the IRS announced a fee reduction to their voluntary correction program (VCP) to encourage small business owners that sponsor 401(k) or profit sharing retirement plans to fix their plan document problems. The new discounted user fees for VCP submissions are referenced below.
If you need assistance bringing your Plan into compliance, we can help. Contact us today, and we can work quickly to bring you peace of mind that comes with knowing your Plan is fully compliant.