Audit Concerns For 403(b) Plan Sponsors: Year Two (From Lockton Companies)

Most 403(b) plan sponsors have now completed their second round of governmental filings and independent plan audits under the regulations that went into effect on January 1, 2009. Since these requirements are still relatively new, plan sponsors continue to run into questions and issues.

In December 2010, we published “Audit Concerns for 403(b) Plan Sponsors.” This article highlighted issues uncovered during the first year of the new regulations and provided solutions to help plan sponsors mitigate risks in the future.

Now that year two of the new requirements is behind us, we thought a follow-up article focusing on common audit issues uncovered during the most recent plan audits would be a helpful tool for plan sponsors. We’ll discuss the audit issues CapinCrouse, an independent accounting and auditing firm specializing in not-for-profit organizations, saw most frequently during those audits performed for its clients. We’ll also provide Lockton Retirement Services’ suggestions for correcting these issues. These suggestions are based on our work as an independent retirement plan consulting firm, specializing in providing solutions to retirement plan sponsors.

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About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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