I love Las Vegas. Great restaurants, great shows, and five trips in a row without dropping a nickel into a slot machine. Why? Because I hate gambling. I hate losing even more. Honestly, just getting out of bed every morning is risky enough for me.<\/p>\n
That said, I see a lot of plan sponsors who seem to love gambling a whole lot more than I ever could. They make a bet that a compliance error will just quietly disappear. Instead of self-correcting, they cross their fingers and hope the statute of limitations on that year\u2019s Form 5500 runs out before the IRS or DOL comes knocking. That\u2019s not strategy\u2014that\u2019s a Vegas-style long shot with terrible odds.<\/p>\n
Here\u2019s the thing: when the cost of fixing the problem is a fraction of what the government could hit you with if you get caught, refusing to correct it is a fool\u2019s bet. You\u2019re not gambling with the house\u2019s money\u2014you\u2019re gambling with your own. And in this game, the house (a.k.a. the IRS or DOL) doesn\u2019t lose often.<\/p>\n
Self-correction and the Voluntary Compliance Program exist for a reason\u2014they\u2019re your best path out when you\u2019ve made a mistake. Betting on getting lucky with an audit isn\u2019t just bad compliance; it\u2019s a great way to get fired by any third-party administrator that knows what they\u2019re doing. Worse, if you do get audited, you\u2019ve lost all credibility, and now you\u2019re at the mercy of someone with the power to levy real pain.<\/p>\n
Vegas is for shows and steak dinners\u2014not your retirement plan compliance strategy.<\/p>\n
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