Mastering Retirement Plan Audits: Compliance ON DEMAND

Overview

Mastering retirement plan audits is essential for plan sponsors to ensure compliance with Department of Labor (DOL) regulations, protect participant assets, and uphold fiduciary responsibilities. Amanda Goar, CPA, Principal at Baker Tilly, highlights key changes to audit triggers, such as focusing on participants with account balances and applying the 80-120 rule, while emphasizing the importance of proactive preparation. She stresses maintaining accurate plan documentation, reconciling census data, ensuring timely contributions, and addressing common challenges like vesting provisions, participant elections, rollovers, loans, and forfeitures.

Highlights

Mastering retirement plan audits.

Prerequisites

None.

Designed For

CPAs and auditors.

Objectives

Identify key regulatory changes by the Department of Labor (DOL), including updated participant thresholds and the 80-120 rule, that determine when a retirement plan audit is required. Recognize common audit deficiencies, such as inaccurate contributions, vesting errors, and forfeiture mismanagement, and develop proactive strategies to address them. Understand best practices for preparing for an audit, including reconciling census data, maintaining accurate documentation, and ensuring compliance with plan provisions. Determine criteria for selecting a qualified auditor, emphasizing expertise, audit quality, and alignment with the specific needs of the retirement plan.

Preparation

None.

Notice

None.