IRS Unveils Retirement Plan Navigator

 

The IRS announced a new Web-based tool to help small businesses (i.e. medical practices) determine which tax-favored pension plan best suits their needs and how to keep the plan in compliance with the law. The navigator focuses on three areas—choosing a plan, maintaining a plan, and correcting a plan—and can be accessed at

 http://www.retirementplans.irs.gov

It does not suggest which plan may be best for the business, but it does lay out the options and includes a side-by-side comparison of pension plans and their requirements. The navigator also offers suggested options for businesses seeking to correct errors and bring their plan back into compliance.

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