The Internal Revenue Service has created a new Web-based tool to help small-business owners determine which tax-favored pension plan best suits their needs and how to keep their plans in compliance.
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The navigator also provides a checklist and suggested resources for maintaining compliance. It offers suggested options to employers seeking to correct errors and bring their plans back into compliance.
The Retirement Plan Navigator targets small-business owners, but can also help midsized businesses and their accountants review the various options. Individuals who want to better understand their employers plan may also find it of use.
The IRS said the Web-based guide will be kept up to date as pension laws and regulations change.