An Internal Plan Audit Team Essential for Anticipating Changes

May 29, 2018

Via: HR Hero

Ensuring that an employer’s 401(k) plan is being administered in accordance with its terms and applicable law is a fundamental fiduciary responsibility. This includes complying with the Internal Revenue Code, the Employee Retirement Income Security Act (ERISA), and the regulations under both.

Plan administration duties have a lot of moving pieces, and when you add in the fact that rules are sometimes modified and expanded, it is challenging to stay ahead of the responsibilities that may require plan amendments and procedural changes. In addition, employer-initiated plan design changes and corporate transactions, such as mergers, acquisitions, and spin-offs, also create a need to conduct plan document and procedural reviews to ensure compliance.

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