Retirement plans are like human beings – both can use annual checkups.
While people head to the doctor's office for their exams, the health of retirement plans comes by reviewing a list of helpful questions provided by the IRS.
The IRS points out that many mistakes can be corrected easily, without paying a penalty and without even notifying the agency. Its compliance tips are included in fix-it guides, which cover such topics as SARSEPs, SEPs, SIMPLE IRAs, 401(k) and 403(b) plans.
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