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....
by JoAnn Cassell | Oct 15, 2023 | 401k Audit Firm, 401k Audit Oversight, 401k Plan Audit, Auditor, How to choose an auditor, Plan Sponsors, Virtual Audits
Wondering how to choose the right 401(k) plan auditor for your organization? Here’s what to look for—and avoid—in selecting your auditing firm. If your company’s 401(k) plan is considered “large,” you must have an independent firm audit your plan’s financial...
by JoAnn Cassell | Sep 15, 2023 | 401k Audit Firm, 401k Communication, Auditor, Fiduciary, Plan Sponsors
There are many service providers on your 401(k) plan team. Here’s what their roles are and what to expect from each of them. To keep your 401(k) plan sustainable, successful, and compliant with IRS and Department of Labor regulations, it’s important to know who’s who,...
by JoAnn Cassell | Aug 15, 2023 | 401k Compliance, Merger & Acquisitions, Record Retention, Uncategorized
Don’t get surprised at audit time. Stay compliant when handling the 401(k) or benefits plans during a merger or acquisition. Merging or holding companies? Buying a business? “What will happen to our 401(k)?” is a question that rarely comes up. But the last...
by JoAnn Cassell | Jul 15, 2023 | 401k Compliance
Don’t require a full-scale audit? There’s an alternative: agreed-upon procedures. In our last blog, we discussed changes to 401(k) audit requirements that mean many small and mid-sized businesses won’t need a formal annual 401(k) audit. To summarize: As a...
by JoAnn Cassell | Jun 15, 2023 | 401k Audit Oversight, 401k Compliance, 401k Plan Audit, 5500, Audit Procedures
A new DOL policy means you may not need a 401(k) plan audit. On February 23, the Department of Labor, IRS, and Pension Benefit Guarantee Corporation unveiled major changes to employee benefits plan reporting. Small businesses rejoice as a new Department of Labor rule...
by JoAnn Cassell | May 15, 2023 | 401k Audit Firm, 401k Audit Time, 401k Communication, 401k Plan Audit, Audit Procedures, Auditor, How to choose an auditor, Plan Sponsors
Plan sponsors and advisors, building a relationship with your 401k or benefits plan auditor is better than any questionnaire. Here’s why. No matter if you’re a 401(k) plan sponsor or advisor, you know your decisions have a major impact on plan administration and...
by JoAnn Cassell | Apr 15, 2023 | 401k Compliance, 401k Compliance Error, 401k Plan Mistakes, Audit Procedures, Eligible compensation discrepancies, Plan Sponsors
Imagine this: The sales team has the best quarter ever. Five of seven team members win record-breaking performance bonuses. To keep the momentum going, they are sent to a team-building retreat in Cancun. The company covers many expenses along the way but still comes...
