DOL Finalizes Small Plan Audit Regulations outlining the rules for exempting small business retirement plans from a full scope audit. Read the Regulations, released on October 19, 2000. Note that the rules are effective for plan years beginning after April 17, 2001. Thus, for calendar year plans the rules are not effective until 2002.

On October 5, 2000, Treasury issued new comparability regulations regarding nondiscrimination requirements for certain defined contribution retirement plans. Read the regulations.

Text of Revenue Ruling 2000-27.

The Department of Labor published a notice adopting the Voluntary Fiduciary Correction Program. This program will help plan officials correct certain employee benefit plan violations. Read the notice.

The Internal Revenue Service issued Revenue Ruling 2000-8 regarding 401(k) plans and the use of "automatic" or "negative" elections for current employees as well as new employees. Read the Ruling.

IRS Issues Revenue Procedure 2000-20 Prototype Program to Open in April The IRS has issued Revenue Procedure 2000-20, which sets forth a new prototype program for GUST. Read the full procedure.