Mistakes That Trigger a 401k Audit Being subject to an IRS audit can be an unnerving experience, so it’s understandable that organizations would want to prevent one. Benefit plan administrators should do what they can to avoid 401(k) audit mistakes and ensure that their plans are in … Read More
How to Choose an Employee Benefit Plan Auditor
The U.S. Department of Labor is increasing its scrutiny of certain retirement plans, and fines are high for non-compliance. Federal law requires most employers who manage benefit plans with 100 or more participants to complete an annual audit. This results in many small and mid-sized companies … Read More
Full Scope Audit or Limited Scope Audit- Which One and Why?
When planning for an audit of your 401(k) or other retirement plan, you might question if a full scope audit or limited scope audit should be conducted. It is important to determine if your plan requires an audit, and know your options. Failure to comply with audit requirements can lead to a host … Read More
What is Required for an Employee Benefit Plan Audit?
An employee benefit plan audit can feel like an immense undertaking. The rules and regulations are complicated and the process can be time-consuming and tedious. In 1974, the federal government passed the Employee Retirement Income Security Act (ERISA) to protect the investments of employees who … Read More
How to Prepare Your Company for a 401k Audit
As a company grows, it will experience many milestones, among which is its first 401k audit. As set by the United States Department of Labor (DOL), a 401k plan should be audited when it becomes a large plan. A large plan is considered to have at least 100 eligible participants on the first day of … Read More