audit

Reducing Fiduciary Liability: Key Tips to Follow
In 2020, nearly 100 lawsuits alleging breach of fiduciary duty were filed. And with the number of 401(k) lawsuits on the rise targeting plans both large and small, sponsors are well-advised to consider taking additional measures to mitigate fiduciary risk where practicable. Here are a few to consider: Create and follow an IPS While not  Read More →
Former Employees with Plan Assets are Still Plan Participants
Plan Sponsors should understand that terminated employees who have left their account balance in your plan, are still considered participants under ERISA. As such, they have the same rights as current employees. They cannot contribute to their account under the plan, but otherwise, they have the same ERISA protected rights as plan participants. One protected  Read More →
Annual Plan Audit: An Auditor’s Perspective
Your organization’s retirement plan will generally require a benefit plan audit if the eligible participant count (including terminated employees who maintain an account balance) exceeds 100 at the beginning of the plan year. But what exactly will be audited and what are the auditors looking for? This audit includes financial statements attached to the Form  Read More →

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