How Retirement Plan Advisors Can Evaluate an ERISA Audit Firm Before Making a Referral
When a plan sponsor asks who can handle their ERISA audit, it can be tempting to provide the name of a CPA or accounting firm you already know. But an audit referral is more than simply passing along a contact. While the advisor is not responsible for performing or managing the audit, the quality of […]
When Is a 401(k) Audit Required? Common Misconceptions Plan Sponsors Should Know
Managing a retirement plan comes with significant responsibilities, and understanding when a 401(k) audit is required is one of the most important responsibilities. For many plan sponsors, 401(k) audit requirements can feel confusing, especially as regulations evolve and compliance expectations continue to grow. One of the biggest misconceptions is that an audit only becomes relevant […]
Understanding the Filing Timeline and Form 5500 Due Date for Plan Sponsors
Managing a retirement plan is a year-round responsibility that culminates in one critical regulatory filing. The form 5500 due date is the deadline for reporting a plan’s financial condition, investments, and operations to the Department of Labor (DOL) and the IRS. For many plan sponsors, this date marks the finish line of a rigorous annual […]
A Practical 401(k) Audit Checklist, Timeline, and Key Steps Every Plan Sponsor Should Know
For a plan sponsor, the first 401(k) audit can feel like an administrative mountain — and even the tenth doesn’t always get easier. Approached with a structured process and a clear understanding of Department of Labor (DOL) expectations, however, the audit becomes less of a burden and more of a tool for fiduciary protection. At […]
The Offshoring Bet is Coming Due
The question I’d like to pose to my colleagues in the audit space, particularly employee benefit plan audits, is does it still make sense to offshore this work? Let me explain. Employee benefit plan audits run on data; mountains of it. And to deal with it all, every year, audit teams would spend weeks doing work that […]
2023 Form 5500 – Change in Participant Count Methodology
Recently, the Department of Labor released a notice related to changes to the Form 5500 for plan years beginning on or after January 1, 2023. One of these changes is a change in the participant-counting methodology. Per the DOL Fact Sheet regarding this change, “The counting methodology for defined contribution retirement plans will be based […]
Correcting a Plan Issue – IRS Fix-it Guide
As the plan sponsor, it is your responsibility to oversee the plan operations and ensure compliance with all applicable laws, regulations and plan provisions. However, sometimes a breakdown in controls can occur and cause the Plan to not operate in accordance with your plan documents. If your team finds yourself in this situation, you may […]
DOL Cybersecurity Guidance Issued: Best Practices
As retirement plans change to operate less in a paper environment and more in an electronic environment, this changes the risks for fiduciaries and plan management to consider. With this change to a more online presence of sensitive participant data, fiduciaries and plan management must consider controls to safeguard the retirement plan and the personally […]
DOL Cybersecurity Guidance Issued: Hiring a Service Provider
Cybersecurity is continuing to be a growing focus in many industries. With this continued focus, the Employee Benefits Security Administration (“EBSA”) released initial guidance to assist parties-in-interest to retirement plans to help safeguard the retirement plans from potential cybersecurity threats. EBSA produced 3 different publications related to this guidance, with the first topic being “Tips for […]
DOL Cybersecurity Guidance Issued: Security Tips
Cybersecurity threats are becoming more frequent and more sophisticated. In our everyday lives, we are seeing, hearing, or experiencing these threats across many platforms. Threats to retirement plans are no exception. To help participants address the risk and potential cybersecurity threats to their retirement plan accounts, the Employee Benefits Security Administration (“EBSA”), released guidance for […]