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Check-Up for Your SEP, SIMPLE or Similar Plan [Updated]

 

"Check-Ups" are now available to help business owners who sponsor IRA-based retirement plans (SIMPLE IRA plans, SEPs or SARSEPs) develop a better understanding of the requirements for their plans. The "Check-Ups" offer handy tools to help an owner begin a retirement plan check-up. The goal of the "Check-Ups" is increased awareness by business owners of the need to properly operate retirement plans, pointing them to further information and services. The centerpiece of each "Check-Up" is a one-page checklist highlighting some of the basic requirements for operating the plan.

Each "Check-Up" contains:

Note: Do Not File the Checklists with the IRS . The "Check-Up" tools are designed for the voluntary use of business owners. The tools - while not comprehensive - have been designed to highlight issues where our examiners and specialists have found noncompliance.

After reviewing the plan and completing the appropriate checklist, a business owner may find an error in the operation of the plan. Any error can likely be corrected using the Employee Plans Compliance Resolution System ("EPCRS") described in the Retirement Plan Correction Programs brochure. EPCRS allows business owners to correct plan errors (often without contacting the IRS) and thereby continue providing employees with retirement benefits on a tax-favored basis.


Message from the IRS Director, Employee Plans
(for use in sharing Check-Ups with clients or members)

The message provides the EP Director's perspective on the purpose and use of the "Check-Up" by business owners.


Further information on and other resources for each of the following IRA-based plans is available by selecting:


Send us feedback on the "Check-Ups" at RetirementPlanComments@irs.gov.