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Is My 403(b) Plan Required to have an Audit?

Maybe not. A new rule that affects 403(b) plans this year is the annual audit requirement. There is a lot of confusion out there amongst non-profit organizations as to whether or not their 403(b) plans...

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Update to FAS 157 "Fair Value Measurements Disclosure"

Important Background U.S. GAAP pronouncements and standards were codified into a single body of literature, and effectively superseded all prior pronouncements and standards.  Financial statements for...

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Pack Rat? Hoarder? Neat Freak? Record Retention Guidelines

If you are either quick to toss things, or are one who keeps things around until you run out of space, you might want to take a step back and reevaluate your system. While the “round file” may be the...

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Non-Exempt (Prohibited) Transactions & Financial Statement Disclosure

Has your 401(k) Plan recently been audited by the “Employee Benefits Security Administration” of the U.S. Department of Labor?  If yes, have they identified any Non-Exempt (prohibited) transactions?...

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Audit Requirements for Terminated Plan

As 401(k) auditors we are frequently asked “How long does a company have to have an audit for a plan that is terminated?”  Unfortunately as companies struggle during these tough economic times, plans...

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Department of Labor and IRS Audits of 401(k) Plans

Federal oversight of 401(k) plans is essentially divided between the Internal Revenue Service and the Department of Labor. The IRS oversees the qualified status of 401(k) plans and issues determination...

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IRS Employee Plans Examination Process

In my previous blog, I discussed the oversight responsibilities of the IRS and Department of Labor over 401(k) plans, and what to expect if your plan is selected for an audit. One type of audit you may...

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Tips to Prepare for a Retirement Plan Audit

If you are about to undergo a 401K audit, there are many things that can be done to ensure that the audit goes smoothly. This means getting audit packages ready early on, being in contact with the...

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Journal Entries for Benefit Plan Accounting

Most plan administrators understand that there is accounting involved to track their benefit plan’s financial performance including but not limited to contributions to the plan, distributions out of...

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Have Lost Participants in Your 401(k) Plan?

Lost participants are those participants who have balances in the plan (unclaimed benefits) or have been distributed an amount from the plan (uncashed benefit checks) and cannot be located. The...

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Determination Letters Will Not be Issued for 403(b) Plans

In April 2013, the IRS issued Revenue Procedure 2013-22 which provided much needed clarification regarding the fate of 403(b) determination letters. Prior to this, it was believed that the IRS would...

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What You Need to Know When Filing Form 5500

What is Form 5500? Form 5500 is the annual tax return for your retirement plan that must be filed with the Employee Benefit Security Administration (EBSA), a division of the Department of Labor (DOL)....

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Do You Have a Hardship?

Ever since Congress changed the rules to allow plan hardship withdrawals, hardship distributions have been continually increasing among plan participants. There are six safe harbor expenses which the...

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Benchmarking Your 401(k) Plan Provisions

To attract and retain talented employees, employers should be aware of how their retirement plan provisions compare to other employers. If you are an employer and have not benchmarked your retirement...

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Different Types of Distributions on a 401(k) Plan

If your company has a 401(k) plan, one of the areas to understand is if your plan allows for different types of distributions, what they entail, and some key items to note regarding each type. The main...

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DOL Guidance on Missing Participants

In a previously issued blog titled “Have lost Participants in your 401(k) Plan?”, the topic of missing participants was addressed prior to the Department of Labor (DOL) issuing any guidance on...

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Exploring Roth In-Plan Conversions

Brief History The Economic Growth and Tax Relief Reconciliation Act of 2001 authorized the establishment of Roth 401(k) accounts beginning January 1, 2006, which are post-tax retirement account. The...

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IRS Examinations of 401(k) Plans

Every American knows the instant anxiety associated with receiving a letter from the Internal Revenue Service (“IRS”). That anxiety might be overwhelming if the letter is a notification that your...

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Why a Quality Audit of Your Plan is so Important

The search is on for an accounting firm to perform the required audit of your employee benefit plan. In determining which proposal to accept, one must question the difference between the low end and...

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Warning Signs Your Employer May be Misusing Your 401(k) Savings

I was browsing the United States Department of Labor (“DOL”) website the other day and I came across an interesting article that talked about employer abuse of employees’ 401(k) contributions. I...

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