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Understanding your fiduciary responsibilities as a 401(k) plan sponsor

Understanding your fiduciary responsibilities as a 401(k) plan sponsor

by cpaadmin | Sep 15, 2024 | 401k Compliance, Fiduciary, Record Retention, Regulations & Policies

Understanding your fiduciary responsibilities as a 401(k) plan sponsor is critical to staying compliant and protecting yourself from personal liability. In short, no matter what, the buck stops with you. (Yes, we made a visual pun! Enjoy.) The Department of Labor...
Stay on top of audits: Document your 401k oversight activities

Stay on top of audits: Document your 401k oversight activities

by cpaadmin | Jun 16, 2021 | 401k Audit Firm, 401k Audit Oversight, 401k Plan Audit, 401k Plan Audit Documentation, Audit Procedures, Virtual Audits

We all know that 401k plans provide benefits to employees and employers alike, offering enhanced retirement security for workers and acting as an enticement when recruiting new employees. But for those charged with managing 401k oversight, these popular plans bring...
Plan sponsors, do you have an investment policy? (What you need to know to be compliant)

Plan sponsors, do you have an investment policy? (What you need to know to be compliant)

by cpaadmin | May 18, 2021 | 401k Audit Firm, 401k Compliance Error, 401k Plan Audit, Audit Procedures, Fiduciary, Retirement Plan

You’ve probably heard that recent litigation over breaches of fiduciary duty under the Employee Retirement Income Security Act (ERISA) has been making a stir. It’s important to recognize that fiduciaries of retirement plans for small businesses have the same legal...
Recap of the 2019 audit season: Top 5 internal control findings (and how to prevent them)

Recap of the 2019 audit season: Top 5 internal control findings (and how to prevent them)

by cpaadmin | Feb 28, 2020 | Audit Procedures

Employee benefits can become a minefield in terms of compliance — and that’s why auditing is so important (and not simply a requirement). As your friendly neighborhood auditor, I wanted to share the top 5 findings my team and I found in our work this year – to...

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