The Department of Labor (DOL) released information yesterday that underscores the importance of high-quality and effective audits of employee benefit plans. The DOL has filed a complaint in federal court seeking to restore over $400,000 to two benefit plans. The lawsuit alleges that the plans’ administrator failed to account for money […]
There are 2 new rules from the U.S. Department of Labor that all 401(k) plan administrators should be aware of. The first rule has been finalized and creates a requirement for fee disclosure to plan fiduciaries and participants. The second is a proposed rule to update the definition of fiduciary […]
The top 10 qualification failures from recent IRS exams are listed below, along with tips on how to avoid them: 1) Failure to properly amend the plan This is the most common issue that the IRS finds in its examinations of 401(k) plans. Laws related to retirement plans change frequently and […]
Top 10 IRS Qualification Failures The employee benefit plan audit season is underway once again. The K Financial team started fieldwork on several of our 401(k) plan audits in April and will be at client sites working on plan audits through August.