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What is a SOC report and why plan sponsors should review it each year

What is a SOC report and why plan sponsors should review it each year

by cpaadmin | Dec 15, 2024 | 401k Compliance

So, what is a SOC report? Many plan sponsors of 401(k) and other benefit plans outsource critical plan tasks to outside service providers or vendors like payroll servicers, third-party administrators, and recordkeepers. This makes you the customer, or to use the...
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...
How to prepare for your first 401(k) plan audit

How to prepare for your first 401(k) plan audit

by cpaadmin | 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? ...
A quick-and-easy checklist for your next 401(k) plan audit

A quick-and-easy checklist for your next 401(k) plan audit

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...
Effective 1-1-24: New treatment of LTPT employees mandated by IRS

Effective 1-1-24: New treatment of LTPT employees mandated by IRS

by cpaadmin | 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...
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