The intention of this blog post is to provide Plan sponsors with useful tips and documentation considerations to ensure a plan transfer of assets is successful in meeting the Employee Retirement Income Security Act of 1974 (ERISA), Department of Labor (DOL), and American Institute of Certified Public Accountants (AICPA) requirements and […]
Section 103(a)(3)(C) of the Employee Retirement Income and Security Act (ERISA) allows employee benefit plan and 401(k) plan administrators to elect to instruct the employee benefit plan or 401(k) plan auditor not to perform any additional procedures with respect to the investment information prepared and certified by a bank or similar […]
Whether your 401(k) or employee benefit plan recently hit the audit requirement or you are looking for a new 401(k) or employee benefit plan auditor, there many resources to consider and steps to take in order to ensure that your 401(k) or employee benefit plan audit is completed efficiently and in […]
Background The ERISA Section 103(a)(3)(C) Audit is one of the more common types of audits performed over a 401(k) or employee benefit plan. As part of the audit, management of the 401(k) or employee benefit plan must determine if the ERISA Section 103(a)(3)(C) audit is permissible by obtaining and inspecting a […]
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was introduced in 2019 and has already had a direct impact on 401(k) and employee benefit plans. SECURE Act Version 2.0 (the Act) builds on the original legislation and became effective for 401(k) and employee benefit plans on January 1, 2023. […]
DOL Cybersecurity Guidance for 401(k) and Employee Benefit Plans The U.S. Department of Labor recently announced new guidance for plan sponsors, plan fiduciaries, record keepers, and plan participants on best practices for maintaining cybersecurity for 401(k) and employee benefit plans. The guidance is directed at plan sponsors and fiduciaries regulated by […]
One of the most common errors found during an audit of a 401(k) or employee benefit plan is the failure to timely remit employee contributions to the retirement plan. Management of the 401(k) or employee benefit plan needs to be mindful of the Department of Labor’s (DOL) rules for remittance of […]
Kfi Foundation and There With Care The Kfi Team delivered groceries today to a family with a child that has terminal brain cancer. After picking up the groceries at There With Care, the Kfi Foundation threw in a few extra goodies to add to our delivery to hopefully make life a […]
If you previously had a DOL limited-scope audit performed on your 401(k) or employee benefit plan, you should be expecting some changes to your 2021 plan year audit. The Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) issued a new Statement on Auditing Standards for auditors who […]
Preparing your company and plan for its first 401(k) audit can be a tedious task, but with the right knowledge and tools you can help prepare for a successful and smooth audit.