Annual Plan Audit: An Auditor’s Perspective
Plan Documents… Save or Purge?
Your organization’s retirement plan will generally require a benefit plan audit if the eligible participant count (including terminated employees who maintain an account balance) exceeds 100 at the beginning of the plan year. But what exactly will be audited and what are the auditors looking for? This audit includes financial statements attached to the Form Read More →
New e-Delivery Standards Aim to Reduce Burden and Expense of Notice Distribution
Many ERISA plan sponsors are unclear regarding a primary fiduciary responsibility concerning plan document retention (which and when documents may be purged). Most plan sponsors adopt an assumed “reasonable” amount of time to retain documents prior to purging them. Unfortunately, IRS rules may not always be complicit with what may be assumed to be “reasonable”. Read More →
The final version of the Department of Labor’s new rules regarding electronic delivery of required notices was published this past May and took effect July 27th. These new rules will greatly reduce the burden and expense of delivering required participant notices. Many notices may now be posted to a website or provided via electronic mail Read More →