Author: Maria T. Hurd, CPA
The 5500-EZ Delinquent Filer Program
June 28, 2016
In the retirement plan industry, 2 + 2 can be 4, or many other amounts depending on the actuarial assumptions used. Similarly, one-participant plans can actually cover hundreds of participants.
Correction Program Options for Retirement Plan Errors
June 06, 2016
Posted by Maria T. Hurd, CPA Disclaimer: All blog posts are valid as of the date published. 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 … Continued
Elective Deferral Election Benefit Plan Administration
April 18, 2016
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.
Financial Statement Audits of Retirement Plans
March 04, 2016
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.
Highly Compensated Employee Identification
February 01, 2016
In retirement plan administration, it is sometimes necessary to use prior year data to make certain determinations.
No Good Deed Goes Unpunished: Don’t Forget the Compensation Ratio Test
January 04, 2016
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).
Amending a Plan’s Eligibility Provisions Could Delay a Financial Statement Audit Requirement
December 02, 2015
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.
SOC 1 Reports and Limited Scope Audit Certifications Are Not the Same
November 05, 2015
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.
Using Service Organization Control (SOC) 1 Reports to Reduce Audit Testing
October 09, 2015
Type 1 SOC 1 reports provide plan auditors with an evaluation of the adequacy of the design and implementation of controls
Risk Assessment for Taft-Hartley Health and Welfare Plan Claim Payments
October 08, 2015
In considering the completeness and accuracy of the benefit payment expense in Taft-Hartley health and welfare (H&W) plan financial statements, an auditor must consider what can go wrong.