QPC Releases Audit Protection Plan
March 6, 2012 (PLANSPONSOR.com) - Qualified Plan Consultants, LLC (QPC) released its new Audit Protection Plan (QPC APP).
The QPC APP provides assistance to QPC’s new 401(k) plan sponsor clients who become subject to an Internal Revenue Service (IRS) or Department of Labor (DoL) audit for any year they are a QPC client.
“The DoL and IRS enforcement activities have been on the increase in the past several years, and over 73% of the plans audited by the DoL were required to restore losses to the plan or take corrective action to fix plan shortcomings. Smaller employers tell us they need help in making sure their 401(k) plans operate efficiently and follow both their plan documents and the law. They also tell us they will need some re-assuring help if they should ever be audited”, says QPC Co-Founder Tom Lastuvka.
The QPC APP warranty provides up to $1,500 (10 hours) of free consultative services in preparation for and response to the audit.
The APP warranty does not relieve plan sponsors of their responsibilities as both plan administrators and plan fiduciaries. Plan sponsors must furnish QPC with the data and records required to provide its services, and QPC assumes no responsibility for any error or omission in any data received from the plan sponsor, or for any plan operational errors caused by incomplete or erroneous data received from the plan sponsor.
More information is at http://www.401k-qpc.com.
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