Media Coverage
Source: Pension & Benefits Daily
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
06.16.11
The Internal Revenue Service’s Advisory Committee on Tax Exempt and Government Entities (ACT) recently issued a report of recommendations, suggesting that retirement plan clinics be established to help small employers administer retirement plans and comply with plan rules, reports Pension & Benefits Daily.
Susan Serota, the head of Pillsbury’s Executive Compensation & Employee Benefits practice, and a member of ACT, said, during the report presentation, that “a retirement plan clinic would be most effective if it were created by IRS or an IRS partner as a resource to which small employers could turn for one-on-one legal advice about plan administration and tax code compliance.”
Serota, who presented the part of the ACT report entitled “Employee Plans: Recommendations Regarding Pension Outreach to the Small Business Community,” said that the committee recommended creating a one-year pilot program through the John Marshall Law School in Chicago.
“In addition to the clinic recommendation, the committee report on employee plans recommended that IRS offer more opportunities for self-correction through the Employee Plans Compliance Resolution System as an alternative to a more formal submission process. Most small employers are afraid of the corrections process,” she said.
She concluded that “the challenge for IRS is to get the attention of the small-business owner.”