Over the years, and certainly recently there has been a lot of focus on the Department of Labor and their role in overseeing workplace retirement plans. What some might not realize or fully appreciate is the role if the Internal Revenue Service, better known as the IRS in overseeing retirement plans. To help employers get their arms around things I was excited to have Susan Mehlman, a Director in the National Tax Group and the Compensation and Benefits Practice Leader at Moss Adams join me on the podcast! During our conversation we highlight the different focusses of the IRS and the DOL in policing workplace retirement plans, how employers end up in the crosshairs of the IRS and some tips and strategies to help minimize the risk of an IRS audit or investigation.
This week also marks a first on the podcast as we also re-released one of our very first podcast episodes which focussed on the role of the DOL. I thought this might make a natural follow-up from my conversation with Susan. While that episode was recorded early in 2016, the content is just as relevant today as it was last year. As an added bonus, don’t miss the last twelve minutes of the podcast where we do have a fresh update on what to expect from the DOL now that we have a new Secretary of Labor, the status of the Fiduciary Rule and other helpful information for employers who sponsor workplace retirement plans! Once you finish this episode on the IRS, be sure to check out the one on the DOL!
Susan leads the Compensation and Benefits Practice for Moss Adams and has provided qualified and nonqualified plan design and consulting services since 1987. She delivers a wide range of tax solutions, including health and welfare plan tax consulting, to both public and privately held businesses.
Susan has managed services to plans of all sizes from newly formed, small, single-employer plans to large employer plans with over 70,000 participants and assets in excess of $2 billion. She works directly with clients on tax compliance issues including responding to IRS and DOL audit inquiries and coordinates closely with various industry groups and employee benefit plan auditors within the firm. Her responsibilities include managing the client relationship through all aspects of plan design and implementation, assisting plan sponsors in setting objectives, and monitoring the success of these strategies.
401(k) Fridays Podcast Overview
Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over sixty prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!