In November, the Employee Plans (EP) Division of the Internal Revenue Service released its fiscal year 2011 Work Plan, which identifies seven operating priorities for the year. Primary among those priorities is the analysis of the 401(k) questionnaire distributed earlier in 2010. EP plans to use the responses to develop compliance strategies and projects, and to address issues identified by the questionnaires.
Sponsors of 403(b) plans will also be a special focus in the coming year. The Work Plan specifies a focus on developing strategies and procedures designed to enhance 403(b) compliance, through guidance, education and outreach, voluntary compliance, and enforcement activities.
EP will also pay attention to small plans. They will enhance their outreach strategies to address key small business issues impacting the Employee Plans sector, according to the report.