PLANSPONSOR - December 2021 - January 2022 - 10
UPFRONT
Various Ways to Get IRS Aid
PLAN SPONSORS that need assistance-say,
to create a plan or correct a
documentation failure-need look no
farther than the IRS. " The IRS staff in
the employee plans department is generally
knowledgeable and very willing to
speak to plan sponsors or their advisers, "
says Ari Sonneberg, partner and chief
marketing officer for The Wagner Law
Group. " They're usually very helpful, to
the extent they can be over the phone. "
Help From Providers
Many retirement plan professionals pay
for access to a private IRS directory that
includes information regarding whom to
call, based on the IRS code in question,
says Jared Johnson, a partner in the tax
group at White and Williams LLP.
Others have built up their own contact
list at the agency through helping clients
with similar issues, says Steven Sokolic, of
counsel at Retirement Law Group.
Therefore, it often makes sense
to work with an adviser, a retirement
plan consultant, an enrolled retirement
plan agent (ERPA) or a Certified
Public Accountant (CPA), says Johnson.
" Retirement plan specialists can interface
directly with the IRS counsel's office. "
Plan committees should meet at least
twice a year to review their plan for any
potential failures and determine whether
they need to take corrective action with
help from the IRS, Johnson says. If the
answer is " yes, " the sooner a plan sponsor
can begin the process, the better.
Online Help
A phone call typically merely starts the
process, as oral advice is always considered
advisory and not binding on the agency,
according to its website. The IRS also says
it does not orally issue rulings or determinations
in response to oral requests.
The first step, of course, is deter10
PLANSPONSOR.COM December 2021 - January 2022
Art by Lior Hizgilov
mining whether you even need to go to
the IRS, Sonneberg says. In general, it can
help with participation, vesting, funding
and tax issues, while fiduciary concerns
should be addressed by the Department of
Labor (DOL).
With basic, straightforward questions,
go to the IRS website, says Elizabeth
Thomas Dold, a principal with Groom
Law Group, Chartered. In recent years,
the agency has bolstered its self-help offerings
with both written and video content
to answer frequently asked questions
(FAQ). In particular, the agency's Issue
Snapshots and Fix-It Guides are helpful
this way, she notes.
" The IRS has taken great strides over
the past 10 years or so to make the retirement
plan section of the website as userfriendly
as possible, " Johnson says.
Even issues that used to require
IRS guidance such as implementing a
correction through the Employee Plans
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PLANSPONSOR - December 2021 - January 2022
Table of Contents for the Digital Edition of PLANSPONSOR - December 2021 - January 2022
INSIGHTS
RULES & REGULATIONS
UPFRONT
ESG Interest Piqued
2021 Best in Class DC Providers
Ramping Up Offerings
Annuities Still Misunderstood
Student Loan Repayment
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - December 2021 - January 2022 - Cover1
PLANSPONSOR - December 2021 - January 2022 - Cover2
PLANSPONSOR - December 2021 - January 2022 - 1
PLANSPONSOR - December 2021 - January 2022 - 2
PLANSPONSOR - December 2021 - January 2022 - 3
PLANSPONSOR - December 2021 - January 2022 - INSIGHTS
PLANSPONSOR - December 2021 - January 2022 - 5
PLANSPONSOR - December 2021 - January 2022 - RULES & REGULATIONS
PLANSPONSOR - December 2021 - January 2022 - 7
PLANSPONSOR - December 2021 - January 2022 - 8
PLANSPONSOR - December 2021 - January 2022 - 9
PLANSPONSOR - December 2021 - January 2022 - UPFRONT
PLANSPONSOR - December 2021 - January 2022 - 11
PLANSPONSOR - December 2021 - January 2022 - 12
PLANSPONSOR - December 2021 - January 2022 - 13
PLANSPONSOR - December 2021 - January 2022 - 14
PLANSPONSOR - December 2021 - January 2022 - 15
PLANSPONSOR - December 2021 - January 2022 - ESG Interest Piqued
PLANSPONSOR - December 2021 - January 2022 - 17
PLANSPONSOR - December 2021 - January 2022 - 18
PLANSPONSOR - December 2021 - January 2022 - 19
PLANSPONSOR - December 2021 - January 2022 - 2021 Best in Class DC Providers
PLANSPONSOR - December 2021 - January 2022 - 21
PLANSPONSOR - December 2021 - January 2022 - 22
PLANSPONSOR - December 2021 - January 2022 - 23
PLANSPONSOR - December 2021 - January 2022 - 24
PLANSPONSOR - December 2021 - January 2022 - 25
PLANSPONSOR - December 2021 - January 2022 - 26
PLANSPONSOR - December 2021 - January 2022 - 27
PLANSPONSOR - December 2021 - January 2022 - 28
PLANSPONSOR - December 2021 - January 2022 - 29
PLANSPONSOR - December 2021 - January 2022 - Ramping Up Offerings
PLANSPONSOR - December 2021 - January 2022 - 31
PLANSPONSOR - December 2021 - January 2022 - 32
PLANSPONSOR - December 2021 - January 2022 - 33
PLANSPONSOR - December 2021 - January 2022 - Annuities Still Misunderstood
PLANSPONSOR - December 2021 - January 2022 - 35
PLANSPONSOR - December 2021 - January 2022 - Student Loan Repayment
PLANSPONSOR - December 2021 - January 2022 - 37
PLANSPONSOR - December 2021 - January 2022 - FIDUCIARY FORUM
PLANSPONSOR - December 2021 - January 2022 - INSIDE ANGLE
PLANSPONSOR - December 2021 - January 2022 - PLAN PROFILE
PLANSPONSOR - December 2021 - January 2022 - Cover3
PLANSPONSOR - December 2021 - January 2022 - Cover4
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