Oppenheimer funds plan sponsor regulation information
OppenheimerFunds Retirement Services Keep Your Qualified Plan Compliant Resources for Plan Sponsors As you know, qualified retirement plans must comply with Still, it doesn’t have to be complicated, and you don’t have applicable tax laws and regulations, or risk the loss of tax- to go it alone. Along with your plan’s legal advisor and the advantaged status and other related benefits to both plan information in this document, you have an opportunity to act sponsors and participants. While certain guidelines issued by in good faith as a fiduciary. This guide, while not exhaustive, regulatory entities are optional, many are not. Knowing what lists some valuable links to resources furnished by the IRS and to do to stay compliant, get compliant or correct for noncom- the Department of Labor (DOL) including pliance isn’t a matter of common sense. It’s a matter of being ■ Self-audit tools and information informed and having good support and resources at hand. ■ Resources for making corrections ■ Educational materials Self-audit Tools and Information IRS RESOURCES DOL RESOURCES 1. IRS Publication 4531, 401(k) Plan Checklist—Provides 1. Tips for Selecting and Monitoring Service Providers for an easy self-audit tool for 401(k) plan sponsors. Your Employee Benefit Plan—Designed to help sponsors http://www.irs.gov/pub/irs-tege/pub4531.pdf satisfy their responsibilities to “prudently” select and monitor plan service providers. 2. Retirement News for Employers—This quarterly http://www.dol.gov/ebsa/newsroom/fs052505.html newsletter, delivered electronically, is a great resource to keep plan sponsors up-to-date on new laws and 2. Reporting and Disclosure Guide for Employee Benefit regulations affecting their retirement plans. Also highlights Plans—A quick reference guide for certain basic reporting IRS audit initiatives and suggests strategies to correct and disclosure requirements under the Employee Retirement common plan errors. Income Security Act (ERISA). http://www.irs.gov/retirement/content/0,,id=154836,00.html http://www.dol.gov/ebsa/pdf/rdguide.pdfNot FDIC Insured May Lose Value Not Bank Guaranteed 1234
OppenheimerFunds Retirement Services Resources for Making Corrections IRS PROGRAMS DOL PROGRAMS 1. IRS Publication 4224, Retirement Plan Correction 1. The Voluntary Fiduciary Correction Program (VFCP)— Programs—Provides a high level overview of various plan VFCP enables voluntary compliance by helping plan spon- correction programs. sors self-correct known violations of the law. The program http://www.irs.gov/pub/irs-pdf/p4224.pdf also helps plan officials understand the law and allows for an immediate relief from payment of excise taxes under a 2. The 401(k) Fix-It Guide—A brief look at the rules for class exemption. Some key VFCP tools include 401(k) plans and the Employee Plans Compliance Resolu- tion System, and the most frequent errors the IRS finds in ■ A list of frequently asked questions each plan type, as well as tips on how to find, fix and avoid http://www.dol.gov/ebsa/faqs/faq_vfcp.html these errors. ■ An online calculator for late deposits http://www.irs.gov/pub/irs-tege/401k_mistakes.pdf#page=2 http://www.dol.gov/ebsa/calculator/main.html 3. Fixing Common Plan Mistakes—A list of articles from ■ A VFCP Checklist IRS newsletters. http://www.dol.gov/ebsa/calculator/2006vfcpchecklist.html http://www.irs.gov/retirement/sponsor/ 2. The Delinquent Filer Voluntary Compliance Program article/0,,id=137958,00.html (DFVCP)—DFVCP was designed to encourage voluntary 4. Retirement Plan Correction Programs: Frequently compliance with the annual IRS Form 5500 reporting Asked Questions—Answers to some of the most requirements under ERISA. It provides delinquent plan common questions. administrators a way to avoid potentially higher civil penalty http://www.irs.gov/retirement/content/0,,id=112857,00.html assessments by satisfying the program’s requirements and voluntarily paying a reduced penalty amount. 3. The following program resources may be useful for plan sponsors who are late filing Form 5500: ■ DFVCP fact sheet http://www.dol.gov/ebsa/newsroom/0302fact_sheet.html ■ Frequently asked questions http://www.dol.gov/ebsa/faqs/faq_dfvc.html ■ DFVCP penalty calculator and online payment http://www.dol.gov/ebsa/calculator/dfvcpmain.html
OppenheimerFunds Retirement Services Educational Materials IRS RESOURCES DOL RESOURCES 1. Phone Forums—The IRS periodically offers free telephone 1. Meeting Your Fiduciary Responsibilities—Outlines a seminars on hot topics. Plan correction programs are plan sponsor’s basic fiduciary responsibilities under ERISA. currently available via http://www.dol.gov/ebsa/publications/fiduciaryresponsibility.html http://www.irs.gov/retirement/article/0,,id=218995,00.html 2. ERISA Fiduciary Advisor—Information and answers to a variety of questions regarding the role of a fiduciary advisor and his/her responsibilities under ERISA. http://www.dol.gov/elaws/ERISAFiduciary.htm 3. Understanding Retirement Plan Fees And Expenses— While the focus is on 401(k) fees and expenses, many of the principles discussed in this booklet apply to all plan types. http://www.dol.gov/ebsa/publications/undrstndgrtrmnt.html NEXT STEPS Contact your financial advisor, or call an OppenheimerFunds representative at 1.800.734.5222 for more information on IRS and other qualified plan compliance issues.