Art of the Qualified Plan Audit

State or local governments and organizations that are tax-exempt under IRC Section 501(c) can establish a 457(b) plan to allow their employees to defer income taxation on retirement savings, similar to how the more popular 401(k) plans operate, but with some important differences, including the availability of hardship distributions.

If your company offers a self-insured health and welfare plan, a HRA, or a FSA, your company must pay a fee per covered person by July 31, 2014 on Form 720.

Imagine that I am standing over a hunched plan administrator in a dark room with a single bright light shone on them screaming “did you take money from the plan?!?”