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. […]
As a company grows, the federal requirements for 401(k) plan reporting can change, prompting a partnership with a Certified Public Accountant (CPA) firm. Companies that are experiencing their first large plan audit can be caught unaware and therefore unprepared to undergo a detailed examination of plan compliance, internal controls, and industry […]
The AICPA Employee Benefit Plan Audit Quality Center has published a useful document to provide Center members with a general understanding of the tax and compliance requirements for 401(k) plans that are subject to the reporting requirements under the Employee Retirement Income Security Act of 1974 (ERISA). As we approach the […]
The AICPA Employee Benefit Plan Audit Quality Center has published a very useful Plan Advisory entitled “The Importance of Internal Controls in Financial Reporting and Safeguarding Plan Assets”. The document begins with general background information that might put you to sleep, but then moves into more interesting topics such as “How […]
The AICPA Employee Benefit Plan Audit Quality Center has developed a summary analysis of the U.S. Department of Labor (DOL) Employee Benefit Security Administration’s criminal enforcement actions involving employee benefit plans during the period April 2009 through November 2011. The summary includes actual fraud cases categorized by plan type. This tool […]
Every year it is important for 401(k) plan administrators to review the requirements for their plan’s operation. This annual review is a “best practice” that is often overlooked, but could save you time, money and headaches in the coming year. The IRS has published a very helpful checklist to help you […]