Category: Employee Benefit Plan Audits

A fiduciary is someone who owes a duty of care and trust to another, acting primarily for their benefit in a specific activity. In the context of retirement plans, fiduciary duties are defined by law based on the actions performed for the plan, not just a title. This means a...

Maybe you’ve determined that the client service does not meet your business needs, or you’ve noticed errors in your payroll processing.  Maybe you’ve determined that a different payroll system would be more affordable to the business. Switching your payroll system can...

In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights:...

As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administrat...

With the COVID-19 pandemic changing the way businesses are operating on a daily basis from locally to world-wide, the employee benefits plan auditing industry is also facing changes. The SECURE Act and retirement plan filing requirements have experienced impacts....

Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years? Or is it more of a C student who could really use some extra help after school? Benchmarking can tell you....

News of commercial database hackings may seem commonplace in 2019. But while many of these stories focus on hacked bank and credit card accounts, 401(k) plan sponsors and participants probably don’t realize that their plan assets also are at risk. Employers who offer 401(...

For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it.  It’s in your best interest as a business owner to buck t...

Employees tend not to fully appreciate or use their retirement benefits unless their employer communicates with them about the plan clearly and regularly. ...

As your company continues to grow, the number of participants in your retirement plan will likely grow as well. This can often trigger the need for an audit of your retirement plan. If your plan is approaching 120 participants, it’s time to start thinking about the audit p...

Are you investing in a benefit plan through your employer?  If you are, do you regularly check the deduction from your pay check?  Do you receive monthly or quarterly statements summarizing your account activity?  Do you read those statements?  Do you know what to do if ...