Want to save Have you for SIMPLE IRAs,

time and money? Retirement Plan

had your
SEPs, and Similar
Check-up
Assistance this year? Retirement Plans
Think check-up now!

A winter check-up keeps your vehicle

reliable through the harsh season.
A quick summer check-up adds
to a safe and more relaxing vacation trip. In
either case, a check-up helps ensure that you
have a solid, well-oiled, dependable machine
when you need it.
Likewise, you want the same type of safety
and reliability for you and your employees
through your business’s retirement plan. Just
like your automobile, a retirement plan needs
regular attention and care to keep it operating
well. Take a retirement plan check-up now
and save time, paperwork, and money for
you, your business, and your employees.
Examples of savings include:
■ minimize paperwork
The following resources will help you maintain
your plan and protect participant benefits. For free
information, you can call the IRS toll-free or access
materials through IRS Web sites.
Reading this brochure may be the
best 2 minutes you ever spent on
your business’s retirement plan!
www.irs.gov/ep
Access the Retirement Plans Web page for an array of
Checklists
information on retirement plans, including how to subscribe to
the Retirement News for Employers newsletter, and to get a
free plan Checklist for your specific plan. An expanded
version of each plan checklist is available
on this Web site.
Also, look for the posting of new materials as
Updates
they become available on SIMPLE IRA Plans, SEPs,
SARSEPs, and other plans.
www.irs.gov/ep (see Correction)
Read about the following correction programs under the
Employee Plans Compliance Resolution System (EPCRS):

■ cut administrative hours Self-Correction Program (SCP)

Review Tips
■ optimize employees’ gains Voluntary Correction Program (VCP)

for financial security Audit Closing Agreement Program (Audit CAP)

■ safeguard your employees’ money Also, see the Retirement Plan Correction Programs
■ protect financial output of your business online resource guide.

■ lead to a better plan for your business

■ increase tax return accuracy (877) 829-5500
Publications
■ enhance portability of retirement assets EP Customer Account Services.

■ minimize extent of mistakes

www.irs.gov
■ fix it yourself
Access and download IRS forms and publications.

...bottom line, a check-up (800) 829-3676

today makes for a more Order IRS forms and publications free.
Correction
Assistance
secure tomorrow.
Department of the Treasury Publication 4405 (10-04) Internal Tax Exempt Employee
Internal Revenue Service Catalog Number 38980T Revenue and Government Plans
Service Entities
Here’s what the check-up includes:

Retirement Plan Checklists for Tips, Publications, and Forms for Need to make a correction?
SIMPLE IRA Plans, SEPs, and SARSEPs the Operation of Your Retirement Plan We can help.

Retirement Plan Checklists are available in two formats. You and your employees expect Mistakes don’t go away by themselves.
a retirement plan to deliver what’s promised.
■ Single page version, available in print or online—For a quick The IRS has helpful correction programs Common
Use these tips and resources to help ensure that the plan that are structured to provide financial Mistakes
review to see if you meet some basic requirements in oper-
ating your business’s retirement plan, get a one-page IRS you and your employees count on is in good running order. incentives for finding and correcting
Reviewing the
Checklist of 10 questions for your specific plan. The Checklist mistakes earlier rather than later. In fact,
■ Watch for law changes. Keep the plan up-to-date with Checklist questions
does not cover all plan requirements, so you should not use it many mistakes can be corrected easily, with-
the law. Ask your benefits professional “when and what” to for your plan could
as a complete plan review. It is, however, an easy way to start out penalty and without notifying the IRS. help you avoid
change in your plan. Those who specialize in retirement
your plan check-up. programs may provide auditing and plan review services. The IRS system of retirement plan common errors in
the operation of
Sample of Checklist questions: correction programs, the Employee Plans
■ Perform periodic review of your plan.Errors in a plan your business’s
Compliance Resolution System (EPCRS),
Yes No brought on by changes in your work force and its salary retirement plan. The
helps business owners protect participant
1. Have you identified all eligible employees?
■ ■ deferral patterns are easier and cheaper to fix when they
benefits and keep their plans within the
IRS frequently finds
are small and have not been allowed to continue over a the following mis-
Yes No
2. Are participants receiving their law. EPCRS includes:
contributions as specified in the plan? ■ ■ long period of time. Changes in your business may produce takes in retirement

Yes No
unexpected changes in your plan’s operation. • Self-Correction Program (SCP)— With this plan examinations.
3. Did you deposit the contributions program, you can find and correct a mis-
in your employees’ IRAs on a timely basis? ■ ■ ■ Get an independent reviewer to check your plan. An inde-
take before an examination. It will cost
■ not covering the
proper employees
pendent reviewer may see something that has been over- less if you find the error and fix it. A
• Answering “yes” to all 10 checklist questions may indicate looked by others, which could save you and your employees’ problem found within two years of when ■ not giving
that your plan is in good shape. You should share your money, and may improve benefits. it first occurred can often be self-corrected. employees required
answered checklist with your benefits professional to verify If an error has continued for longer than information
■ Subscribe to the Retirement News for Employers newsletter.
all is well. 2 years, you may have to pay a fee.
This quarterly IRS publication provides plain-language ■ not depositing
• Answering “no” to any 1 of the 10 checklist questions lets information about retirement plans. To subscribe, go to
• Voluntary Correction Program (VCP)— employee deferrals
you know on the spot that you may have a mistake in the www.irs.gov/ep and select Newsletters. timely
You may correct your plan’s mistakes
operation of your plan. Help is available.
with help from the IRS. The fee for
■ not depositing
Use the following publications and forms available IRA-based plans is $500. employer contribu-
■ Electronic version with links to expanded explanations— An at www.irs.gov or by phone at (800) 829-3676:
electronic version of each Checklist with links to expanded Publication 560 Retirement Plans for Small Business
• Audit Closing Agreement Program tions timely
(Audit CAP)— If the IRS examines your
explanations for each question is available through (SEP, SIMPLE, and Qualified Plans) ■ not following
plan and finds an error, you can still
www.irs.gov/ep. Select Check-Up for Your SEP, SIMPLE, or Publication 590 Individual Retirement Arrangements (IRAs) the terms of the
correct the problem. You should be plan document
Similar Plan. Publication 3998 Choosing a Retirement Solution
aware that the fee will be larger than if
for Your Small Business
you had found and fixed the error ■ not limiting
Order a free Checklist through the IRS at (800) 829-3676, Form 5304- Savings Incentive Match Plan for Employees of
yourself, or brought it in voluntarily. employee deferrals
or download a Checklist from the Internet at www.irs.gov/ep: SIMPLE Small Employers (SIMPLE)-Not for Use With a
and employer contri-
Designated Financial Institution
Publication 4284 SIMPLE IRA Plan Checklist butions to the proper
Form 5305- Savings Incentive Match Plan for Employees
maximum limits
Publication 4285 SEP Checklist SIMPLE of Small Employers (SIMPLE)-For Use With The Retirement Plan Correction Programs
a Designated Financial Institution online resource guide is also available
Publication 4286 SARSEP Checklist
Form 5305-SEP Simplified Employee Pension - Individual to help you. Learn about IRS correction
Retirement Accounts Contribution Agreement
Note: The Checklist is for a business owner’s use. It is not to be filed with the IRS. programs at www.irs.gov/ep. See Correction.
Use of the Checklist is strictly voluntary. Form 8881 Credit for Small Employers
Pension Plan Startup Costs
Here’s what the check-up includes:

Retirement Plan Checklists for Tips, Publications, and Forms for Need to make a correction?
SIMPLE IRA Plans, SEPs, and SARSEPs the Operation of Your Retirement Plan We can help.

Retirement Plan Checklists are available in two formats. You and your employees expect Mistakes don’t go away by themselves.
a retirement plan to deliver what’s promised.
■ Single page version, available in print or online—For a quick The IRS has helpful correction programs Common
Use these tips and resources to help ensure that the plan that are structured to provide financial Mistakes
review to see if you meet some basic requirements in oper-
ating your business’s retirement plan, get a one-page IRS you and your employees count on is in good running order. incentives for finding and correcting
Reviewing the
Checklist of 10 questions for your specific plan. The Checklist mistakes earlier rather than later. In fact,
■ Watch for law changes. Keep the plan up-to-date with Checklist questions
does not cover all plan requirements, so you should not use it many mistakes can be corrected easily, with-
the law. Ask your benefits professional “when and what” to for your plan could
as a complete plan review. It is, however, an easy way to start out penalty and without notifying the IRS. help you avoid
change in your plan. Those who specialize in retirement
your plan check-up. programs may provide auditing and plan review services. The IRS system of retirement plan common errors in
the operation of
Sample of Checklist questions: correction programs, the Employee Plans
■ Perform periodic review of your plan.Errors in a plan your business’s
Compliance Resolution System (EPCRS),
Yes No brought on by changes in your work force and its salary retirement plan. The
helps business owners protect participant
1. Have you identified all eligible employees?
■ ■ deferral patterns are easier and cheaper to fix when they
benefits and keep their plans within the
IRS frequently finds
are small and have not been allowed to continue over a the following mis-
Yes No
2. Are participants receiving their law. EPCRS includes:
contributions as specified in the plan? ■ ■ long period of time. Changes in your business may produce takes in retirement

Yes No
unexpected changes in your plan’s operation. • Self-Correction Program (SCP)— With this plan examinations.
3. Did you deposit the contributions program, you can find and correct a mis-
in your employees’ IRAs on a timely basis? ■ ■ ■ Get an independent reviewer to check your plan. An inde-
take before an examination. It will cost
■ not covering the
proper employees
pendent reviewer may see something that has been over- less if you find the error and fix it. A
• Answering “yes” to all 10 checklist questions may indicate looked by others, which could save you and your employees’ problem found within two years of when ■ not giving
that your plan is in good shape. You should share your money, and may improve benefits. it first occurred can often be self-corrected. employees required
answered checklist with your benefits professional to verify If an error has continued for longer than information
■ Subscribe to the Retirement News for Employers newsletter.
all is well. 2 years, you may have to pay a fee.
This quarterly IRS publication provides plain-language ■ not depositing
• Answering “no” to any 1 of the 10 checklist questions lets information about retirement plans. To subscribe, go to
• Voluntary Correction Program (VCP)— employee deferrals
you know on the spot that you may have a mistake in the www.irs.gov/ep and select Newsletters. timely
You may correct your plan’s mistakes
operation of your plan. Help is available.
with help from the IRS. The fee for
■ not depositing
Use the following publications and forms available IRA-based plans is $500. employer contribu-
■ Electronic version with links to expanded explanations— An at www.irs.gov or by phone at (800) 829-3676:
electronic version of each Checklist with links to expanded Publication 560 Retirement Plans for Small Business
• Audit Closing Agreement Program tions timely
(Audit CAP)— If the IRS examines your
explanations for each question is available through (SEP, SIMPLE, and Qualified Plans) ■ not following
plan and finds an error, you can still
www.irs.gov/ep. Select Check-Up for Your SEP, SIMPLE, or Publication 590 Individual Retirement Arrangements (IRAs) the terms of the
correct the problem. You should be plan document
Similar Plan. Publication 3998 Choosing a Retirement Solution
aware that the fee will be larger than if
for Your Small Business
you had found and fixed the error ■ not limiting
Order a free Checklist through the IRS at (800) 829-3676, Form 5304- Savings Incentive Match Plan for Employees of
yourself, or brought it in voluntarily. employee deferrals
or download a Checklist from the Internet at www.irs.gov/ep: SIMPLE Small Employers (SIMPLE)-Not for Use With a
and employer contri-
Designated Financial Institution
Publication 4284 SIMPLE IRA Plan Checklist butions to the proper
Form 5305- Savings Incentive Match Plan for Employees
maximum limits
Publication 4285 SEP Checklist SIMPLE of Small Employers (SIMPLE)-For Use With The Retirement Plan Correction Programs
a Designated Financial Institution online resource guide is also available
Publication 4286 SARSEP Checklist
Form 5305-SEP Simplified Employee Pension - Individual to help you. Learn about IRS correction
Retirement Accounts Contribution Agreement
Note: The Checklist is for a business owner’s use. It is not to be filed with the IRS. programs at www.irs.gov/ep. See Correction.
Use of the Checklist is strictly voluntary. Form 8881 Credit for Small Employers
Pension Plan Startup Costs
Here’s what the check-up includes:

Retirement Plan Checklists for Tips, Publications, and Forms for Need to make a correction?
SIMPLE IRA Plans, SEPs, and SARSEPs the Operation of Your Retirement Plan We can help.

Retirement Plan Checklists are available in two formats. You and your employees expect Mistakes don’t go away by themselves.
a retirement plan to deliver what’s promised.
■ Single page version, available in print or online—For a quick The IRS has helpful correction programs Common
Use these tips and resources to help ensure that the plan that are structured to provide financial Mistakes
review to see if you meet some basic requirements in oper-
ating your business’s retirement plan, get a one-page IRS you and your employees count on is in good running order. incentives for finding and correcting
Reviewing the
Checklist of 10 questions for your specific plan. The Checklist mistakes earlier rather than later. In fact,
■ Watch for law changes. Keep the plan up-to-date with Checklist questions
does not cover all plan requirements, so you should not use it many mistakes can be corrected easily, with-
the law. Ask your benefits professional “when and what” to for your plan could
as a complete plan review. It is, however, an easy way to start out penalty and without notifying the IRS. help you avoid
change in your plan. Those who specialize in retirement
your plan check-up. programs may provide auditing and plan review services. The IRS system of retirement plan common errors in
the operation of
Sample of Checklist questions: correction programs, the Employee Plans
■ Perform periodic review of your plan.Errors in a plan your business’s
Compliance Resolution System (EPCRS),
Yes No brought on by changes in your work force and its salary retirement plan. The
helps business owners protect participant
1. Have you identified all eligible employees?
■ ■ deferral patterns are easier and cheaper to fix when they
benefits and keep their plans within the
IRS frequently finds
are small and have not been allowed to continue over a the following mis-
Yes No
2. Are participants receiving their law. EPCRS includes:
contributions as specified in the plan? ■ ■ long period of time. Changes in your business may produce takes in retirement

Yes No
unexpected changes in your plan’s operation. • Self-Correction Program (SCP)— With this plan examinations.
3. Did you deposit the contributions program, you can find and correct a mis-
in your employees’ IRAs on a timely basis? ■ ■ ■ Get an independent reviewer to check your plan. An inde-
take before an examination. It will cost
■ not covering the
proper employees
pendent reviewer may see something that has been over- less if you find the error and fix it. A
• Answering “yes” to all 10 checklist questions may indicate looked by others, which could save you and your employees’ problem found within two years of when ■ not giving
that your plan is in good shape. You should share your money, and may improve benefits. it first occurred can often be self-corrected. employees required
answered checklist with your benefits professional to verify If an error has continued for longer than information
■ Subscribe to the Retirement News for Employers newsletter.
all is well. 2 years, you may have to pay a fee.
This quarterly IRS publication provides plain-language ■ not depositing
• Answering “no” to any 1 of the 10 checklist questions lets information about retirement plans. To subscribe, go to
• Voluntary Correction Program (VCP)— employee deferrals
you know on the spot that you may have a mistake in the www.irs.gov/ep and select Newsletters. timely
You may correct your plan’s mistakes
operation of your plan. Help is available.
with help from the IRS. The fee for
■ not depositing
Use the following publications and forms available IRA-based plans is $500. employer contribu-
■ Electronic version with links to expanded explanations— An at www.irs.gov or by phone at (800) 829-3676:
electronic version of each Checklist with links to expanded Publication 560 Retirement Plans for Small Business
• Audit Closing Agreement Program tions timely
(Audit CAP)— If the IRS examines your
explanations for each question is available through (SEP, SIMPLE, and Qualified Plans) ■ not following
plan and finds an error, you can still
www.irs.gov/ep. Select Check-Up for Your SEP, SIMPLE, or Publication 590 Individual Retirement Arrangements (IRAs) the terms of the
correct the problem. You should be plan document
Similar Plan. Publication 3998 Choosing a Retirement Solution
aware that the fee will be larger than if
for Your Small Business
you had found and fixed the error ■ not limiting
Order a free Checklist through the IRS at (800) 829-3676, Form 5304- Savings Incentive Match Plan for Employees of
yourself, or brought it in voluntarily. employee deferrals
or download a Checklist from the Internet at www.irs.gov/ep: SIMPLE Small Employers (SIMPLE)-Not for Use With a
and employer contri-
Designated Financial Institution
Publication 4284 SIMPLE IRA Plan Checklist butions to the proper
Form 5305- Savings Incentive Match Plan for Employees
maximum limits
Publication 4285 SEP Checklist SIMPLE of Small Employers (SIMPLE)-For Use With The Retirement Plan Correction Programs
a Designated Financial Institution online resource guide is also available
Publication 4286 SARSEP Checklist
Form 5305-SEP Simplified Employee Pension - Individual to help you. Learn about IRS correction
Retirement Accounts Contribution Agreement
Note: The Checklist is for a business owner’s use. It is not to be filed with the IRS. programs at www.irs.gov/ep. See Correction.
Use of the Checklist is strictly voluntary. Form 8881 Credit for Small Employers
Pension Plan Startup Costs
Want to save Have you for SIMPLE IRAs,
time and money? Retirement Plan
had your
SEPs, and Similar
Check-up
Assistance this year? Retirement Plans
Think check-up now!

A winter check-up keeps your vehicle

reliable through the harsh season.
A quick summer check-up adds
to a safe and more relaxing vacation trip. In
either case, a check-up helps ensure that you
have a solid, well-oiled, dependable machine
when you need it.
Likewise, you want the same type of safety
and reliability for you and your employees
through your business’s retirement plan. Just
like your automobile, a retirement plan needs
regular attention and care to keep it operating
well. Take a retirement plan check-up now
and save time, paperwork, and money for
you, your business, and your employees.
Examples of savings include:
■ minimize paperwork
The following resources will help you maintain
your plan and protect participant benefits. For free
information, you can call the IRS toll-free or access
materials through IRS Web sites.
Reading this brochure may be the
best 2 minutes you ever spent on
your business’s retirement plan!
www.irs.gov/ep
Access the Retirement Plans Web page for an array of
Checklists
information on retirement plans, including how to subscribe to
the Retirement News for Employers newsletter, and to get a
free plan Checklist for your specific plan. An expanded
version of each plan checklist is available
on this Web site.
Also, look for the posting of new materials as
Updates
they become available on SIMPLE IRA Plans, SEPs,
SARSEPs, and other plans.
www.irs.gov/ep (see Correction)
Read about the following correction programs under the
Employee Plans Compliance Resolution System (EPCRS):

■ cut administrative hours Self-Correction Program (SCP)

Review Tips
■ optimize employees’ gains Voluntary Correction Program (VCP)

for financial security Audit Closing Agreement Program (Audit CAP)

■ safeguard your employees’ money Also, see the Retirement Plan Correction Programs
■ protect financial output of your business online resource guide.

■ lead to a better plan for your business

■ increase tax return accuracy (877) 829-5500
Publications
■ enhance portability of retirement assets EP Customer Account Services.

■ minimize extent of mistakes

www.irs.gov
■ fix it yourself
Access and download IRS forms and publications.

...bottom line, a check-up (800) 829-3676

today makes for a more Order IRS forms and publications free.
Correction
Assistance
secure tomorrow.
Department of the Treasury Publication 4405 (10-04) Internal Tax Exempt Employee
Internal Revenue Service Catalog Number 38980T Revenue and Government Plans
Service Entities
Want to save Have you for SIMPLE IRAs,
time and money? Retirement Plan
had your
SEPs, and Similar
Check-up
Assistance this year? Retirement Plans
Think check-up now!

A winter check-up keeps your vehicle

reliable through the harsh season.
A quick summer check-up adds
to a safe and more relaxing vacation trip. In
either case, a check-up helps ensure that you
have a solid, well-oiled, dependable machine
when you need it.
Likewise, you want the same type of safety
and reliability for you and your employees
through your business’s retirement plan. Just
like your automobile, a retirement plan needs
regular attention and care to keep it operating
well. Take a retirement plan check-up now
and save time, paperwork, and money for
you, your business, and your employees.
Examples of savings include:
■ minimize paperwork
The following resources will help you maintain
your plan and protect participant benefits. For free
information, you can call the IRS toll-free or access
materials through IRS Web sites.
Reading this brochure may be the
best 2 minutes you ever spent on
your business’s retirement plan!
www.irs.gov/ep
Access the Retirement Plans Web page for an array of
Checklists
information on retirement plans, including how to subscribe to
the Retirement News for Employers newsletter, and to get a
free plan Checklist for your specific plan. An expanded
version of each plan checklist is available
on this Web site.
Also, look for the posting of new materials as
Updates
they become available on SIMPLE IRA Plans, SEPs,
SARSEPs, and other plans.
www.irs.gov/ep (see Correction)
Read about the following correction programs under the
Employee Plans Compliance Resolution System (EPCRS):

■ cut administrative hours Self-Correction Program (SCP)

Review Tips
■ optimize employees’ gains Voluntary Correction Program (VCP)

for financial security Audit Closing Agreement Program (Audit CAP)

■ safeguard your employees’ money Also, see the Retirement Plan Correction Programs
■ protect financial output of your business online resource guide.

■ lead to a better plan for your business

■ increase tax return accuracy (877) 829-5500
Publications
■ enhance portability of retirement assets EP Customer Account Services.

■ minimize extent of mistakes

www.irs.gov
■ fix it yourself
Access and download IRS forms and publications.

...bottom line, a check-up (800) 829-3676

today makes for a more Order IRS forms and publications free.
Correction
Assistance
secure tomorrow.
Department of the Treasury Publication 4405 (10-04) Internal Tax Exempt Employee
Internal Revenue Service Catalog Number 38980T Revenue and Government Plans
Service Entities