IRS Employee Plans (EP) will soon release a 401(k) Plan
Questionnaire Self Audit Tool (QSAT), according to Monika Templeman, director
of EP Examinations. Templeman spoke on June 13, 2013, at the Great Lakes
Benefit Conference, sponsored by the American Society of Pension Professionals
& Actuaries (ASPPA).
In March 2013, the IRS has released a final report that
compiled results from the 401(k) Compliance Check Questionnaire, sent to plan
sponsors in 2010. 401(k) plan sponsors are encouraged to use the Questionnaire,
along with the findings, to strengthen internal controls over plan operations.
EP will be repackaging the 401(k) Questionnaire as the QSAT with new
internal control questions added. The QSAT will be designed to help plan
sponsors find, fix, and avoid costly mistakes. The QSAT is going through the
final clearance process and is scheduled to be unveiled in the summer of 2013,
Templeman said.