Plan sponsors who are notified by the IRS of an upcoming audit will have a 90-day window to review, identify and in certain circumstances, correct any plan document or operational compliance errors it discovers. (Photo: Shutterstock)
In June 2022, the IRS launched a pre-examination pilot program for retirement plans that could help employers avoid costly penalties. The program aims to reduce the burden of, and time spent on, retirement plan audits, which are typically a time-consuming endeavor for plan sponsors. The program ultimately should be good news for plan sponsors in terms of both financial penalties and, presumably, a more efficient audit process.
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