PLANSPONSOR - December/January 2021 - 11
The Right Plan Auditor
IMPLEMENTING a request for proposals
(RFP) can be a crucial step in the process
of choosing a quality plan auditor. Under
the Employee Retirement Income Security
Act (ERISA), employee benefit plans with
100 or more participants must file a financial
audit as part of their yearly Form 5500
series filing. Doing so requires hiring an
independent auditor. A good one can also
indirectly help with plan management.
There are common mistakes sponsors
make that an auditor can catch and help
correct. Bradley Bartells, a Certified Public
Accountant (CPA) and partner at MUN
CPAs, says a big such mistake is using the
wrong definition of compensation when
calculating deferrals or employer contributions.
" This is typically due to the definition
of compensation in the plan document
being all-encompassing, such as 'all W-2
wages.' But the sponsor then incorrectly
excludes certain W-2 wage items, such as
bonuses or vacation payouts. "
And Jennifer Moore, director of
401(k) audit services at PriceKubecka, has
seen, particularly this year, a lack of documentation
about loans. " Sponsors rely
on recordkeepers to keep documentation
for loans, but when they switch service
providers, they are losing that documentation,
which proves those transactions
were taken care of in accordance with
participant requests, " she explains.
Compliance, Plus
A financial audit is an accountability
tool that ensures a company's or entity's
financial statement is accurate. Besides
helping to improve plan management,
streamlining plan operations and identifying
errors, an audit confirms the
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PLANSPONSOR - December/January 2021
Table of Contents for the Digital Edition of PLANSPONSOR - December/January 2021
The Truth About Plan Lawsuits
2020 PLANSPONSOR Best in Class DC Providers
Administrative Assistance
Striking the Right Balance
Electronic Upgrade
PLANSPONSOR - December/January 2021 - Cover1
PLANSPONSOR - December/January 2021 - Cover2
PLANSPONSOR - December/January 2021 - 1
PLANSPONSOR - December/January 2021 - 2
PLANSPONSOR - December/January 2021 - 3
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PLANSPONSOR - December/January 2021 - 9
PLANSPONSOR - December/January 2021 - 10
PLANSPONSOR - December/January 2021 - 11
PLANSPONSOR - December/January 2021 - The Truth About Plan Lawsuits
PLANSPONSOR - December/January 2021 - 13
PLANSPONSOR - December/January 2021 - 14
PLANSPONSOR - December/January 2021 - 15
PLANSPONSOR - December/January 2021 - 2020 PLANSPONSOR Best in Class DC Providers
PLANSPONSOR - December/January 2021 - 17
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PLANSPONSOR - December/January 2021 - 28
PLANSPONSOR - December/January 2021 - 29
PLANSPONSOR - December/January 2021 - Administrative Assistance
PLANSPONSOR - December/January 2021 - 31
PLANSPONSOR - December/January 2021 - 32
PLANSPONSOR - December/January 2021 - Striking the Right Balance
PLANSPONSOR - December/January 2021 - 34
PLANSPONSOR - December/January 2021 - 35
PLANSPONSOR - December/January 2021 - Electronic Upgrade
PLANSPONSOR - December/January 2021 - 37
PLANSPONSOR - December/January 2021 - 38
PLANSPONSOR - December/January 2021 - 39
PLANSPONSOR - December/January 2021 - 40
PLANSPONSOR - December/January 2021 - Cover3
PLANSPONSOR - December/January 2021 - Cover4
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