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Top 10 retirement plan internal control pitfalls—and how to avoid them

ARTICLE

When it comes to benefit plans, auditors often find that there are a number of 401(k) compliance errors that companies make time and again. Here are some of the most commonly found errors in plan administration, as well as the internal controls that companies can implement to avoid them.

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10: Uncashed checks and lost participants



9: Failure to amend a plan for legislative changes on a timely basis



8: Failure to follow participant loan rules and violations of IRC 72 (p)



7: Failure to issue minimum required distributions



6: Failure to follow hardship rules



5: Failure to properly administer automatic enrollment



4: Failure to include all eligible employees



3: Failure to timely apply forfeitures



2: Failure to timely deposit deferrals



1: Failure to use the correct definition of plan compensation

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