401(k) Plan Audit Preparation Strategies
Navigating IRS and DOL Standards, Taking Corrective Actions and Minimizing Risks of Penalties
Recording of a 110-minute CPE webinar with Q&A
This teleconference will provide employee benefits advisors with alternative approaches and best practices to improve 401(k) audit planning and plan self-reviews before an audit is scheduled.
- Documents frequently requested by IRS and/or DOL in initial letter
- 401(k) plan document and amendments
- Summary plan description
- Investment policy statement
- Most recent IRS determination letter
- Form 5500 and 5500-C
- Preparing to explain terms and operations of plan, and applicable test results
- Best practices for self-review and corrective actions
- Current IRS and DOL audit red flags
The panel will address these and other key topics:
- Anticipating demands of each step of the exam, from initial information letter through closing letter.
- Planning for the types of supporting documentation typically requested in an IRS or DOL initial letter and proactively addressing weaknesses in your files.
- Self-examining Form 5500 and other documents — and understanding the range of potential corrective actions.
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
McConnell & Jones
He serves as the firm's ERISA partner in charge of the Employee Benefit Plan Assurance and Compliance Services... | Read More
He serves as the firm's ERISA partner in charge of the Employee Benefit Plan Assurance and Compliance Services Division. He has more than 21 years of experience in providing auditing and accounting services to corporations, including Fortune 500 clients, and plan sponsors.Close
Law Offices of Ilene H. Ferenczy
Her practice specializes in qualified pension and profit sharing, non-qualified and employee stock ownership plans; and... | Read More
Her practice specializes in qualified pension and profit sharing, non-qualified and employee stock ownership plans; and tax-sheltered annuity plans for tax-exempt organizations. She has written more than 60 articles on benefits topics for professional journals and is the author of a book called "Employee Benefits in Mergers and Acquisitions."Close
VP and Chief Legal Officer
United Retirement Plan Consultants
He is in charge of his firm's regulatory compliance and oversees its legal team. He previously worked in the IRS... | Read More
He is in charge of his firm's regulatory compliance and oversees its legal team. He previously worked in the IRS Employee Plans Division and is a frequent speaker on retirement plan-related topics, including audit preparation.Close