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NIPA NEWS – Being Fully Prepared for a DOL Requires Focus

NIPA NEWS – Being Fully Prepared for a DOL Requires Focus

NIPA News: The motto of the Boy Scouts is Be Prepared. When a plan sponsor is responsible for the oversight of a tax-qualified retirement plan they would benefit from the same mindset – to, be prepared.  Mike Bourne, Managing Director of Attesa Benefits Inc. discusses a few of the ways that a Plan Sponsor can be ready for an audit of the retirement plan.

It is important to have all plan-related documentation signed. This starts with the Plan Document and all documents that correspond to the plan. When under audit, documentation is the foundation and where audits begin. An auditor will also as for evidence of the Fiduciary Bond. The size of the Fiduciary Bond will be based upon the assets of the plan. The auditor may also want to see evidence of how decisions are made by the plan fiduciaries.  Being well prepared should be an ongoing process. d

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SECURE Act noncompliance can come with penalties for plan sponsors.  Passed in late December 2019, the SECURE Act was designed to help American workers in achieving financial security in retirement.  The resulting landmark legislation contains several provisions beneficial to 401(k) ...