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Employee benefits are an important part of every employees' total compensation package. The continuously evolving landscape in the areas of health care reform, retirement plan design, and executive compensation makes it difficult for employee benefits professionals to keep up with relevant developments. The employee benefits attorneys at Stinson Leonard Street provide human resources professionals, plan fiduciaries, actuaries, accountants, and others in the industry with practical and cost-effective assistance as they navigate through the complex laws, regulations and guidance that govern employee benefits plans. This blog highlights key developments in the employee benefits field and items of interest to our clients. Our Bloggers →

Benefits Notes Post

Section 401(k) Compliance Check Questionnaire — Interim Report Issued

By Angela Bohmann | February 22, 2012 in Retirement Plans

Those of you interested in data regarding the prevalence of certain features in 401(k) plans may find of interest the Interim Report on the Section 401(k) Compliance Check Questionnaire.  This is the first report of the IRS on the extensive questionnaire that it sent to sponsors of 401(k) plans a year or so ago.  The IRS sent the questionnaire to a random sample of 1,200 401(k) plan sponsors.  Ninety-eight percent of the plan sponsors responded.  Most answers are based on the 2008 plan year so the information is a few years out of date.  Nevertheless, the report contains good statistics on age and service requirements, entry dates, plan limits, plan contributions, etc. 

The IRS intends to issue a final report that will contain more information by size of plan.  In the meantime, 401(k) wonks can mine this data for insights on the 401(k) plan market.