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Top Employee Benefit Plan Tips for March

With spring right around the corner, it’s time to dust off those plan reports.  For December 31 plan year-ends, your plan’s non-discrimination test should be completed and action should be taken to correct any testing failures.  Custodians and recordkeepers are gathering information to provide you with your plan’s year-end reporting package, which generally includes reports such as the following:  Trial Balance; Plan Activity by Fund; Plan Activity by Participant; Contributions by Type (employee, employer, rollover), by Participant and by Pay Period; Schedule of Distributions by Participant; Summary of Loan Activity by Participant; Schedule of Expenses; Certification Statement (for limited scope audits) and the Service Organization Control 1 Report (SOC1).
Now that you have the test results and reporting package, see below for some tips that’ll put some spring in your step!

Top Employee Benefit Plan tips for March:

  • Review non-discrimination testing prior to March 15 and correct any failures. 
  • Review final year-end reports (audit package).  
  •  Does the total of participant’s accounts equal total plan assets?
  • Are distribution amounts reasonable and is the corresponding account balance reduced to $0?
  • Are loans are being repaid (any delinquent loans)?
  • Do contributions agree with company records (payroll, etc.).
  • Are plan earnings reasonable?
  • Are plan investments valued at fair market value?

Denise Finney is a Director in the Pension Services Group dedicated to employee benefit plan audits. With 15 years of public accounting experience, she specializes in assisting clients with annual audit requirements regarding employee benefit plans.

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