The Who, What, Where, Why, and How of Retirement Plan Audits

Posted by Chris Ciminera, CPA, QKA You (or your client) may have just found out that an audit is required for its retirement plan. Many questions may be running through your head such as Why must an audit be performed? What must be audited? Who performs audits? Who is required to have an audit? How is an audit performed? Well, … Continued

“Give it BACK!!!”…”No!”…”OK, Keep It!”

Posted By: Maria T. Hurd, CPA, RPA What if the Participant Already Spent the Overpayment from the Plan?     Ineligible or excess distributions from qualified plans happen all the time. In our last 30 years of auditing retirement plans, our distribution tests have uncovered all the following ineligible or excess distributions:   Hardship reason not met: A participant doesn’t … Continued

How Has a New Auditing Standard Given Auditors More Flexibility in Agreed-Upon Procedures Engagements?

Posted by Tyler Starr, CPA The American Institute of Certified Public Accountants’ (AICPA) Auditing Standards Board (ASB) issued the Statement on Standards for Attestation Engagements (SSAE) No. 19, Agreed-Upon Procedures Engagements, in December 2019. SSAE 19 supersedes SSAE 18 AT-C section 215 of the same name and also amends certain provisions of SSAE 18 section 105, Concepts Common to All … Continued

How Do I Correct Late Salary Deferral Deposits?

Posted by Christopher J. Ciminera, CPA, QKA Update – April 29, 2020 On Wednesday, April 29, 2020 the Employee Benefits Security Administration (EBSA) also posted a Disaster Relief Notice 2020-01. In this notice, the EBSA provides relief to plan sponsors regarding the possibility of lags in deposits due to the recent COVID-19 issues which was addressed in my blog below. … Continued

What are the Administrative Procedure Changes Under the SECURE Act?

Posted by Tyler Starr, CPA In Are Retirement Savings More Secure under the SECURE Act?, we reviewed some notable changes included in Title I of the SECURE Act, which focused on expanding and preserving retirement savings. This follow-up blog will discuss other notable changes in the SECURE Act that mostly deal with changes to administrative provisions of plans. SECURE Act, … Continued

Are Retirement Savings More Secure under the SECURE Act?

Posted by Tyler Starr, CPA The passing of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) at the end of 2019 included significant changes impacting qualified retirement plans. In fact, the retirement plan industry has not seen such extensive changes in one act since the passing of the Pension Protection Act in 2006. President … Continued

Are Tips a Trap? – (Tips and Traps of Compensation – Part V)

Posted by Tyler Starr, CPA The most common error found during the audit of an employee benefit plan is the incorrect definition of compensation being used for contribution purposes. Whether the error is related to payroll coding issues or not fully understanding the plan provisions, plan compensation can be one of the biggest traps for plan sponsors, especially when employees … Continued