The primary federal agencies that govern the operations and rules of retirement plans are the Internal Revenue Service and the Department of Labor. The Pension Benefit Guaranty Corporation is a self funded quasi-federal agency that governs the funding of Defined Benefit Plans.
Any of the above agencies may subject a plan to audit. These audits are often more of a nuisance to the plan sponsor. However, we take pride in handling of the audit for the plan sponsor.
Special Note on IRS audits
Under IRS audit, only certain types of professionals can represent the plan sponsor. They are attorneys, accountants, enrolled actuaries (only for defined benefit plans), Enrolled Agents and Enrolled Retirement Plan Agents (ERPA). It is important that you check with your Third Party Administrator to make sure they can represent the plan sponsor in an IRS audit.
For a list of ERPA’s in your state go to www.irs.gov and search ERPA or try this link:
http://www.irs.gov/Tax-Professionals/Enrolled-Retirement-Plan-Agent-Information