Department of Labor and IRS Audits of 401(k) Plans

Federal oversight of 401(k) plans is essentially divided between the Internal Revenue Service and the Department of Labor. The IRS oversees the qualified status of 401(k) plans and issues determination letters. The DOL oversees fiduciary standards, reporting and disclosure requirements, and all other rules that do not affect the qualified status of 401(k) plans. Audits …

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