The Voluntary Fiduciary Correction Program – Overview

By filing through the VFCP, a plan sponsor will receive a no-action letter from the EBSA indicating to the plan that the EBSA will not take civil action against the plan sponsor with regard to this specific transaction in the submission. It is also important to note that there is no application fee to file through the VFCP.

Death, Taxes and Plan Errors

In this world, nothing can be said to be certain, except death, taxes, and retirement plan operational errors. Two decades of plan audits have shown time and time again that even the most accurate plan sponsor is not immune from making one of the common errors.

401k Audit Delaware

DOL Audit Quality Study and Recommendations for Improvement

The Department of Labor (DOL) released its report on employee benefit plan audits (Assessing the Quality of Employee Benefit Plan Audits) on May 28, 2015. As I discussed in my last blog, DOL Audit Quality Study: Employee Benefit Plan Auditors Are not Making the Grade, the report is not favorable to auditors. The American Institute of Certified Public Accountants is making an effort to address these quality issues through its Enhancing Audit Quality initiative.

DOL Audit Quality Study: Employee Benefit Plan Auditors Are not Making the Grade

At last week’s American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan (EBP) Conference, the Department of Labor (DOL) compared auditing retirement plans to brain surgery. The analogy was meant to indicate that a patient would not seek out a general practitioner to perform brain surgery, due to the highly complex nature of the service and the lack of experience the general medical practitioner would have at performing the service.