Compliance July 11, 2013

IRS to Discuss Plan Corrections and Audits

The Internal Revenue Service (IRS) will host phone forums discussing 401(k) plan corrections and audits.
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On July 25, the agency will host EPCRS: Correcting 401(k) Plan Mistakes, and on August 29, it will host How to Prepare for an IRS Employee Plans Audit.

During the July 25 phone forum, the agency will discuss correcting common 401(k) plan mistakes under the Employee Plans Compliance Resolution System (EPCRS) Revenue Procedure 2013-12, and how to find, fix and avoid them. It will also answer questions received in advance.

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August 29, the agency will provide the latest information about the Employee Plans Examinations process, including documents plan sponsors should have at the audit to show how their plan complies with the law. The discussion will also touch on IRS enforcement activities and compliance issues, including current audit initiatives, the Employee Plans large case program and follow-up enforcement projects based on the 401(k) Questionnaire.

More information about the phone forums is here.

Products July 11, 2013

SunTrust Adds Employee Income Projection Tools

SunTrust Banks, Inc. has added retirement income projection tools to its institutional 401(k) offerings.
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The Projected Retirement Income tool provides a calculation using real-time account data from the employer’s recordkeeping system to give employees an estimated projected monthly income amount at retirement. This tool gives employees a picture of their potential retirement income without them having to enter any data into a calculator.

The Retirement Income Control Panel tool enables employees to include additional factors, such as Social Security, pension and outside assets, into the projected monthly retirement income calculation. This tool compares projected income amounts with anticipated income needs, resulting in suggestions for closing gaps and driving employees to take positive actions that impact retirement readiness.

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More information about SunTrust is at http://www.suntrust.com.

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