Employee Benefit Blog

Headlines remind business leaders of the risks surrounding cybersecurity and the consequences of either a cyberattack or data breach. The benefit plan industry is no different, but there are steps that can be taken.

Plan meeting minutes are vital for documenting fiduciary obligations under ERISA and providing auditors with the information to properly plan and execute a plan’s audit.

Having a System and Organization Controls (“SOC 1”) report on your employee benefit plan’s service providers adds great value to your plan.

The most important thing to consider while preparing for your employee benefit plan audit is determining the type of audit to elect, either an ERISA Non-Section 103(a)(3)(C) audit or an ERISA Section 103(a)(3)(C) audit.

One of the most common operational issues impacting employee benefit plans is errors involving the timeliness of plan remittances. This is where having an effective timeliness schedule is indispensable.

A key step in preparing for your plan audit is a census to determine eligible plan participants and test various plan provisions from a population deemed complete.

This blog examines the determining factors for whether your 401k plan needs an audit.

While the SECURE Act of 2019 permits an employer to adopt a retirement plan after the close of the employer’s taxable year, the first Form 5500 required to be filed with respect to the retirement plan will be the 2021 Form 5500.

The IRS has revised the Employee Plans Compliance Resolution System, Revenue Procedure 2021-30, which permits retirement plan sponsors to correct plan failures.