Welcome to an ERISA sunscreen moment! This week's ERISA sunscreen moment comes courtesy of the Internal Revenue Service.
At the December 2013 AICPA National Employee Benefit Plan Conference, the IRS indicated that they are scheduled to release a 401(K) Self-Audit Tool, which is being packaged with the acronym "QSAT" or Questionnaire Self-Audit Tool. This self-audit tool will have internal control question to help plan sponsors find, fix and prevent costly mistakes in their plan.
Look for the IRS's rollout of the QSAT in early 2014 and use this and other IRS resources to help you better manage your employee benefit plans. I am sure that sitting down with the new QSAT and a hot cup of cocoa will be the perfect way to spend a cold winter day.
In the meantime, if you are looking for a checklist of documents to maintain for your plan, drop us a line at erisahelp@withum.com and we will send you our checklist. That's good reading with cocoa too!