- Reviewing Your Retirement Plan For Operational Compliance
Employers should perform regular self-audits of their retirement plans to ensure compliance and stay a step ahead of an IRS audit. Quick detection of an issue can lead to permitted self-corrections that are less costly than seeking IRS approval of the proposed corrections and certainly less costly than negotiating with the IRS during an audit. Find a list of common plan oversights here.
- Fiduciary Compliance and Plan Governance
As part of any plan review, employers may wish to review their fiduciary procedures and ensure that a prudent process is in place. They also may review plan documents and applicable board resolutions to confirm that the parties who currently amend the plan documents have the authority to do so. Plan amendments made by unauthorized parties might be unenforceable if challenged. Read more on this topic here.