by JoAnn Cassell | Mar 15, 2024 | 401k Plan Audit, 401k Plan Audit Documentation, Audit Deadlines, Audit Procedures, Preparing for a 401(k) audit
For employers or plan sponsors with 401(k) plans with 100 or more participants with balances, here’s how to prepare for your first 401(k) plan audit. Step One: Determine whether your 401(k) plan requires an independent audit. Firstly, who makes this determination? ...
by JoAnn Cassell | Feb 15, 2024 | 401k Plan Audit Documentation, Plan Sponsors, Preparing for a 401(k) audit, Regulations & Policies
As a seasoned plan sponsor, this is not your first audit. Here is a quick-and-easy checklist for your next 401(k) plan audit so you catch what may have changed—on your side or the regulatory side — to ensure that your next audit is as painless and efficient as...
by JoAnn Cassell | Jan 15, 2024 | 401k Plan Audit, Audit Insights
We learn the most indelible lessons from our mistakes, right? This year, save yourself (and your auditor!) time and headaches by learning from someone else’s mistakes. Fresh out of this year’s audit season, it’s time for our annual look back at the most common errors...
by JoAnn Cassell | Dec 15, 2023 | 401k Compliance, Employee Addition, Plan Sponsors, Record Retention, Regulations & Policies, SECURE Act
It’s official! The IRS (finally!) released guidance on the new treatment of LTPT employees (long-term part-time) vis-a-vis your 401(k) plan. And not a moment too soon! Changes are effective 1-1-24. Here’s what you need to know to treat LTPT employees properly in the...
by JoAnn Cassell | Nov 15, 2023 | 401k Plan Audit, 5500, Regulations & Policies
If your 401(k) plan is close to hitting “large” by DOL rules at the start of your plan year, the 80/120 rule could save you time and money. It happens. You begin a new plan year, and suddenly, you’re now a “large” 401(k) plan by Department of Labor standards....
