"The IRS recognizes that gaps and hiccups will arise when comparing form, the plan document & design, to the plan's operations, administrative processes and procedural activities.... The IRS expects the plan sponsor to take three steps when gaps or hiccups arise. First, is finding the problem.... Second, correct the problem.... Third, but very certainly not the least important, the plan sponsor must strengthen their processes, procedures and internal controls with the intent to avoid gaps or hiccups in the future."

MORE >>