This Employee Benefit Plan Audit Quality Center (EBPAQC) primer provides a general understanding of the tax and compliance requirements for 401(k) plans that are subject to the reporting requirements under the Employee Retirement Income Security Act of 1974 (ERISA).
This primer discusses:
The tax advantages of plan qualification under the Internal Revenue Code (IRC)
The IRC requirements for a plan to be qualified
Plan design and Internal Revenue Service (IRS) determination and opinion letters
Nondiscrimination tests and other operating