IRS, DOL and PBGC Audit Support

Retirement Plan Audit Support

Retirement planning involves navigating regulations from multiple government bodies that oversee employee benefits. Even the most meticulously crafted retirement plan may, at some point, face an audit from agencies like the Internal Revenue Service (IRS), Department of Labor (DOL), or the Pension Benefit Guaranty Corporation (PBGC).

At Pension Services, Inc. (PSI), we recommend that our clients and partners approach these regulatory agencies as partners in compliance. PSI is committed to assisting clients with the preparation, presentation, and submission of requested information, ensuring an efficient audit process.

The Best Defense Against an Audit: Consistency and Compliance

The IRS, which has over 400 agents focused on investigating retirement plans, suggests that companies can reduce audit likelihood by avoiding inconsistencies in form data and maintaining accurate records. A well-designed retirement plan, consistently managed, offers the best protection against regulatory scrutiny.

Still, even the most compliant plans can be subject to examination. At PSI, our approach combines deep legal and financial expertise with decades of retirement planning experience, ensuring that our clients’ plans meet regulatory standards.

Key Regulatory Focus Areas

The Employee Benefits Security Administration (EBSA), a branch of the DOL, has identified its main audit concerns:

  • Transparency
  • Lifetime Income
  • Conflict of Interest

Each of these areas demands careful attention and covers a significant range of compliance requirements. PSI’s experienced attorneys and accountants are adept at guiding firms to meet these evolving standards.

PSI Audit Support Services

In the event of an audit by the IRS, DOL, or PBGC, PSI’s staff can provide critical support, including:

  • Preparing written responses to inquiries from the IRS, DOL, or PBGC
  • Supporting or representing clients during agency meetings
  • Acting as primary contacts for correspondence and calls with agencies
  • Helping resolve audit issues and negotiating final decisions

Expertise and Customized Planning

There is no substitute for informed judgment and experience in audit situations. That’s why PSI specializes exclusively in retirement planning, focusing on the unique needs of each client.

PSI custom-designs every retirement plan, minimizing the risk of generic errors or oversights. Our detailed and customized approach provides peace of mind and a strong defense against compliance risks.