Planning for an Efficient 401k/403b Plan Audit
As the plan sponsor, you are responsible for evaluating all the plan’s service providers, including the independent auditor. If your plan is newly subject to the audit requirement, or if it’s been a while since you evaluated your auditor, consider sending requests for proposals to several potential service providers. In addition to cost, evaluate potential auditors based on their experience with plans like yours, competence in the overall ERISA space, their commitment to integrity and data security, and other qualities.
ERISA Plan Governance Best Practices
Effective plan governance can help reduce risk for the plan and its fiduciaries, as well as increase the likelihood that plan and participant objectives are met.
403(b) Universal Availability Requirements
The IRS has been actively examining plans that may have inappropriately excluded eligible employees from participating based upon historical or industry practice. In the past, it was common for colleges to exclude adjunct professors or athletic coaches from participating in their plans. Hospitals sometimes did the same for on-call or casual nurses.
5 Ways to Protect Sensitive Plan Participant Information
Consider these five simple ways to protect your 401k plan or 403b plan participants’ sensitive personal information. The 2021 Plan Sponsor's Desk Reference is full of information relevant to HR, accounting, and finance professionals responsible for administering 401k and 403b defined contribution plans.
Form 5500 and Plan Audits
Generally, employee benefit plans with 100 or more participants are required to submit audited financial statements when they file an annual return/report (Form 5500 series). A quality audit performed by an independent auditor helps protect plan assets and ensure the financial integrity of the plan.