by cpaadmin | 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 cpaadmin | 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 cpaadmin | 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 cpaadmin | Oct 15, 2022 | Employee Termination
Terminating an employee is never easy, but can be necessary. When people leave your company—voluntarily or not—they take the value in their 401(k) plan with them to continue their retirement savings. The catch: this doesn’t happen automatically. After an employee’s...
by cpaadmin | Sep 15, 2022 | 401k Auto-escalation
Auto-escalation is another way you can encourage investment in your 401(k) plan and help your employees put their money to work. With auto-escalation, employees’ 401(k) withholding amount goes up by one percentage point per year until reaching the maximum of 10%....
