Benefits Think Just this once — if the IRS comes knocking, don’t run

I’m pretty sure if I said, “Some folks at the IRS have a few questions they’d like to ask you about your 401(k) plan,” you’d start getting nervous. But just this once, there’s nothing to worry about.

The Internal Revenue Service recently began mailing out questionnaires to 401(k) plan sponsors to assess compliance with retirement plan regulations, EBN sister title Money Management Executive reports.
The IRS random sample is going to 1,200 401(k) plan sponsors that filed a Form 5500 for the 2007 plan year. Plan sponsors who receive a letter will complete the questionnaire by accessing a special Web site.