Posted by Maria T. Hurd, CPA In a highly regulated industry with complicated rules that always have exceptions (except when the exception does not apply) it is inevitable that sooner or later a failure to follow the plan document will take place. Such operational errors can be corrected through the IRS Employee Plan Compliance Resolution System (EPCRS) in one of … Continued
Our lives are filled with limits; speed limits, credit limits, time limits, and a number of different retirement plan limits.
One of the most common operational errors when administering retirement plans is the failure to implement a participant’s elective deferral election or change in percentage.
Users of accounting information make informed decisions using information contained in the financial statements.
Prospective clients often want to see a sample information request letter to get a better idea of how an audit will progress. In response to that frequently asked question, we created a white paper to assist clients in preparing for their retirement plan audits.
In retirement plan administration, it is sometimes necessary to use prior year data to make certain determinations.
The Department of Labor just sent a letter to plan administrators emphasizing the importance of selecting a quality auditor.
Most plan sponsors know that their retirement plans are subject to discrimination tests, generally designed to prevent highly compensated employees (HCEs) from obtaining a benefit that is disproportionately favorable when compared to the benefits of the non-highly compensated employees (NHCEs).
In a previous blog, DOL Audit Quality Study: Employee Benefit Plan Auditors Are not Making the Grade, we discussed the results of the 2015 Audit Quality Study performed by the Department of Labor (DOL).
Whether it is when we are growing up, in school, or in our careers, we tend to gravitate towards those who are most like us and form groups.