Category: 401k Plans
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.
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).
Continued Interest from the DOL in the Selection of Qualified Plan Auditors
December 09, 2015
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).
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.
What’s in a Name? Are Retirement Plans of Entities with Religious Names Automatically Church Plans?
November 18, 2015
Posted by Maria T. Hurd, CPA Juliet: “What’s in a name? That which we call a rose By any other name would smell as sweet.” Let us consider what a name is. It is the grouping of letters that represent the identification of a person, object, or entity. However, the words may not be exactly representative … Continued
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.
Auditing Eligibility for Claim Payments in Taft-Hartley Health and Welfare Plans
October 07, 2015
When auditing claim payments, auditors must take into consideration whether:
Taft- Hartley Plan Payroll Audits
October 05, 2015
BLS understands the importance that payroll audits play in the annual audit of Taft-Hartley plans’ financial statements.