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.
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.
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).
It may be counter-intuitive, but reducing the number of employees who are eligible to participate in a retirement plan could be the greater good in certain situations.
Every year, at least one retirement plan service provider tells us that a plan qualifies for a limited scope audit because their company has an SOC 1 report.
Every year, right around December 31st (and closer to January 1!), we sit down and start to draft up resolutions for the upcoming new year. Whether it’s aiming for a healthier life style, setting aside for targets at work, or perhaps being more fiscally responsible, it’s important to not only make these goals, but to have a plan in place for accomplishing them as well.
In May 2015, the U.S. Department of Labor’s Employee Benefit Security Administration (EBSA) published the results of its assessment of the quality of retirement plan audits.
When an auditor is considering accepting an engagement to audit financial statements and/or after a new auditor has been engaged to audit financial statements that have been audited by another firm in previous years,