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Retirement News for Employers - Winter 2011 Edition - 401(k) Questionnaire - Next Steps

In May 2010, the Employee Plans Compliance Unit sent letters to a statistically valid sample of 1,200 401(k) plan sponsors who were instructed to complete the 401(k) Questionnaire online by visiting a secure website and using a PIN number provided in the cover letter. The EPCU recently completed the 401(k) Questionnaire Project’s information-gathering phase. Our next phase is to evaluate responses from the completed questionnaires to:

  • better understand 401(k) plan compliance issues,
  • determine how our tools and voluntary compliance programs are working, and
  • identify participant awareness and plan sponsor compliance issues.

Monika Templeman, Director, Employee Plans Examinations, recently discussed the next steps in the process.

Non-responders: We will conduct a full-scope examination of plans whose sponsors who did not return the Questionnaire to provide the data needed for our 401(k) market segment analysis.

Responders: We would like to thank the plan sponsors who completed the Questionnaire. While the plans of responding sponsors are not exempted from future EP examinations or compliance checks, any notice of examination would not be a direct result of their answers on the questionnaire.

All Plan Sponsors: We encourage all plan sponsors to use the Questionnaire as an internal control tool to review your plan and determine if it is in compliance. Follow up by using our correction programs to fix any plan mistakes.

Interim Report: We will post an interim report to our website with general findings from the Questionnaire by the end of September.

Final Report: We will post a final report to our website next year.

Stay tuned to our newsletter for announcements on the release of the interim and final reports.

Page Last Reviewed or Updated: 10-Sep-2013