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...
by JoAnn Cassell | Mar 15, 2023 | 401k Compliance
ADP, Gusto, Paychex, and the rest… they make payroll (and life) easier. Small businesses can save millions of dollars a year by forgoing an internal payroll department and outsourcing to one of these respected companies. But watch out! Changing payroll providers...
by JoAnn Cassell | Feb 15, 2023 | 401k Audit Time
We know, nobody loves to do an audit. (If you did, you’d be working here.) 401(k) audits may look time-consuming, but nothing about them is left to chance. The more organized you are, the easier they can be. It’s never too late to take action and make things a little...
by JoAnn Cassell | Jan 14, 2023 | Audit Deadlines
Everyone procrastinates. That’s especially true now, when just about everyone is short-staffed. When it comes to your 401(k) audit, the sooner you start, the better. Think of it like planning a trip. Here in Chicagoland, the Eisenhower is notorious for its rush hour...
by JoAnn Cassell | Dec 21, 2022 | Audit Insights
A 401(k) audit can feel like a test you didn’t study for. After all, you’ve got lots of other priorities. Here’s the catch: Just three mistakes make up more than half the issues Cassell Plan Audits has seen so far this year. The last few audit seasons haven’t been...
