Annual Plan Audit: An Auditor’s Perspective
Defined Contribution Recordkeeper Consolidation Continues
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 →
Plan Documents… Save or Purge?
Empower recently announced an agreement to acquire MassMutual’s retirement plan recordkeeping business. The acquisition is expected to capitalize on both firms’ experience and expertise to the benefit of retirement plan participants and plan sponsors. Plans currently utilizing MassMutual are being notified of this action and should expect no changes or disruption to current operations during Read More →
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 →