Unenrolled Retirement Plan Providers Are Subject to Discipline

September 12, 2012 at 9:46 pm Leave a comment

Some retirement plan professionals are enrolled with the Internal Revenue Service (IRS) and must adhere to strong ethical standards.  Unenrolled preparers also are subject to certain ethical standards and could engage in behavior that would result in discipline by the Office of Professional Responsibility (OPR).  These individuals frequently are unaware of their own ethical requirements.  If you have an unenrolled preparer, have you asked them what standards they are subject to?  Who holds them accountable?  I consider this another reason to go with an enrolled preparer such as an Enrolled Agent, Enrolled Actuary or Enrolled Retirement Plan Agent.  They have been tested over these provisions and are required to obtain continuing education in ethics. Using enrolled preparers gives a greater sense of comfort that your plan will be properly administered.

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

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