Check-Up for Your SIMPLE IRA, SEP or Similar Plan |
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"Check-Ups" are available to help business owners who sponsor IRA-based retirement plans (SIMPLE IRA plans, SEPs or SARSEPs) develop a better understanding of the requirements for their plans.
"Check-Ups" involve a three-step approach with the goal of increasing awareness by business owners of the need to properly operate their retirement plans, pointing them to further information and services. The centerpiece of each "Check-Up" is a one-page checklist highlighting some of the basic requirements for operating the plan.
Each "Check-Up" includes:
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Tips/ Resources - help ensure that the plan is in good running order.
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Help - through IRS Programs. The IRS has helpful correction programs that provide incentives for finding and correcting mistakes earlier rather than later. After reviewing the plan and completing the appropriate checklist, an employer may find an error in the plan's operation. The employer may want to correct the error using one of the IRS correction programs.
For more information on "Check-Ups", see Publication 4405 (Have you had your Check-up this year? for SIMPLE IRAs, SEPs, and Similar Retirement Plans).
Note: Do Not File the Checklists with the IRS. The "Check-Up" tools are designed for the voluntary use of business owners. The tools - while not comprehensive - highlight issues where our examiners and specialists have found mistakes in plans. After reviewing the plan and completing the appropriate checklist, a business owner may find an error in the operation of the plan. Any error can likely be corrected using the Employee Plans Compliance Resolution System ("EPCRS") described in the Retirement Plan Correction Programs brochure. EPCRS allows business owners to correct plan errors (often without contacting the IRS) and thereby continue providing employees with retirement benefits on a tax-favored basis.
Further information on and other resources for each of the following IRA-based plans is available by selecting:
Send us feedback on the "Check-Ups" at RetirementPlanComments@irs.gov.
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Page Last Reviewed or Updated: March 04, 2009