Retirement Plan Audit Risks: Identifying Plan Errors and Remedying Noncompliance

The IRS and DOL continually scrutinize retirement plans and, more frequently than not, find noncompliance issues resulting in substantial penalties for employers.

The DOL has focused, and continues to focus, on timely deposits of employee deferral contributions--so much so, that some employers deposit the deferral contributions before paychecks are issued.

Compliance risks are numerous and include failure to properly notify and pay terminated employees, not updating plans to the latest ERISA requirements, and using improper amounts to determine employee compensation. In addition to the costs of bringing a plan into compliance and penalties charged, additional sanctions could include disallowance of employer contributions and plan disqualification.

Listen as our panel of experts discusses current areas of IRS and DOL focus, correcting areas of noncompliance, and mitigating audit risks.

1. Recent IRS and DOL initiatives on retirement plan audits
2. Compliance issues and remedies
3. Effective procedures and corrective actions
4. Best practices for ensuring compliance

The panel will cover and address these and other issues:

• Identifying current areas of IRS and DOL focus
• Addressing and correcting areas of noncompliance
• Determining employee eligibility and compensation
• Making timely payments of deferral contributions
• Updating plans to meet ERISA requirements
• Minimizing audit risks

Learning Objectives

After completing this course, you will be able to

• Recognize areas of audit risk
• Determine eligibility and compensation
• Identify appropriate corrective steps
• Discern whether the plan meets minimum compliance requirements

• Field of Study: Accounting
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex audits and schedules; supervisory authority over other auditors/accountants. Knowledge and understanding of 403(b) Plans, ERISA Titles I and II, and proper completion of Form 5500; familiarity with IRS and Department of Labor audit procedures and enforcement

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.