Tax Exempt & Government Entities

EMPLOYEE PLANS

Have you had your 

check-up this year? 

for Retirement Plans

Publication 3066 (Rev. 12-2017) Catalog Number 35808E Department of the Treasury Internal Revenue Service www.irs.gov

Reading this brochure may be the best 2 minutes you ever spent on your business’s 

retirement plan!

Want to save time and money? Think check-up now!

A winter check-up keeps your vehicle reliable through the harsh season. A quick summer checkup 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 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 

 cut administrative costs 

 safeguard your employees’ money 

 lead to a better plan for your business 

 increase tax return accuracy

 enhance portability of retirement assets 

 minimize extent of mistakes 

 fix it yourself

...bottom line, a check-up today makes for a 

more secure tomorrow. 
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Here’s what the check-up includes:

Retirement Plan Checklist 

Retirement Plan Checklists are available in two formats.

 Single page version, available to download—For a quick review to see if you meet some basic 

requirements in operating your business’s retirement plan, get the one-page IRS Checklist for your 

specific plan. The checklist does not cover all plan requirements, so you should not use it as a 

complete plan review. It is, however, an easy way to start your plan check-up.

Download Checklists at www.irs.gov/retirement:

Publication 4284, SIMPLE IRA Plan Checklist

Publication 4285, SEP Checklist

Publication 4286, SARSEP Checklist

Publication 4531, 401(k) Plan Checklist

Publication 4546, 403(b) Plan Checklist 

 Electronic version with links to expanded explanations—An electronic version of this 

Checklist, with links to the plan’s “IRS Fix-It Guide” for tips on how to find, fix and avoid each 

potential mistake, is available at irs.gov/retirement. 

Sample of Checklist questions:

1. Has your plan document been updated within the past few years?  Yes  No

2. Are the plan operations based on the plan document terms?  Yes  No

3. Are all eligible employees participating in the plan?  Yes  No

 Answering “yes” to all checklist questions may indicate that your plan is in good shape. 

You should share your answered checklist with your tax advisor to verify all is well.

 Answering “no” to any of the checklist questions lets you know on the spot that you may 

have a mistake in the operation of your plan. Help is available.

Note: The Checklist is for sponsor/owner’s use. It is not to be filed with the IRS. Use of the Checklist is strictly voluntary. 

Tips, Publications and Forms for the Operation of Your Plan

You and your employees expect a retirement plan to deliver what’s promised. 

Use these tips and resources to help ensure that the plan you and your employees count on is in 

good running order.

 Watch for law changes. Keep the plan up-to-date with the law. Ask your tax advisor “when and 

what” to change in your plan. Those who specialize in retirement programs may provide auditing 

and plan review services.

 Perform periodic reviews of your plan. Errors in a plan brought on by changes in your work 

force and its salary deferral patterns are easier and cheaper to fix when they are small and have 

not been allowed to continue over a long period of time. Changes in your business may produce 

unexpected changes in your plan’s operation. 

 Get an independent reviewer to check your plan. An independent reviewer may see something 
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that has been overlooked by others, which could save you and your employees money, and may 

improve benefits.

 Subscribe to the Employee Plans News newsletter. This IRS publication provides plainlanguage information about retirement plans. 

The following free materials are available at www.irs.gov:

 Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)

 Publication 3998, Choosing a Retirement Solution for Your Small Business

 Publication 4222, 401(k) Plans for Small Businesses

 Publication 4333, SEP Retirement Plans for Small Businesses

 Publication 4334, SIMPLE IRA Plans for Small Businesses

 Publication 4336, SARSEP for Small Businesses

 Publication 4483, 403(b) Tax-Sheltered Annuities for Sponsors

 Publication 4484, Choose a Retirement Plan

Common Mistakes

Reviewing the Checklist questions for your plan could help you avoid common errors in the 

operation of your retirement plan. The IRS frequently finds the following mistakes in retirement 

plan examinations:

 not covering the proper employees

 not giving employees required information

 not depositing employee deferrals timely

 not depositing employer contributions timely

 not following the terms of the plan document

 not limiting employee deferrals and employer contributions to the proper maximum limits

Need to Make a Correction? We Can Help.

Mistakes don’t go away by themselves. 

The IRS has helpful correction programs that are structured to provide financial incentives for 

finding and correcting mistakes earlier rather than later. In fact, many mistakes can be corrected 

easily, without penalty and without notifying the IRS.

The IRS system of retirement plan correction programs, the Employee Plans Compliance 

Resolution System (EPCRS), helps business owners protect participant benefits and keep their 

plans within the law. EPCRS includes:

 Self-Correction Program (SCP)—With this program, you can find and correct a mistake without 

contacting the IRS. You can fix insignificant operational failures at any time, even if the plan is 

under examination. In most cases, you must fix significant operational failures by the end of the 

second year following the plan year in which the mistake occurred. 

 Voluntary Correction Program (VCP)—You may correct your plan’s mistakes with help from the 

IRS. A fee may apply.

 Audit Closing Agreement Program (Audit CAP)— If the IRS examines your plan and finds an 

error, you can still correct the problem. You should be aware that the fee will be larger than if you 

had found and fixed the error yourself, or brought it in voluntarily.
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Retirement Plan Assistance

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 websites. 

The Retirement Plans webpage has an array of information on retirement plans, including 

how to subscribe to the Employee Plans News newsletter, and to view and download a free 

plan Checklist for your specific plan. Fix-It Guides with tips on how to find, fix and avoid plan 

mistakes are available on this website. Also, look for the posting of new retirement plan materials 

as they become available. 

Learn about the correction programs under the Employee Plans Compliance Resolution System: 

 Self-Correction Program 

 Voluntary Correction Program 

 Audit Closing Agreement Program 

EP Customer Account Services

877-829-5500 

www.irs.gov 

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800-829-3676 

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