United States

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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Uncashed checks and lost participants

VIDEO

Uncashed checks and lost participants

This video clip examines error #10, uncashed checks, for the most common retirement plan errors committed by employers.

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

VIDEO

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

This clip examines error #9, failure to amend a plan for legislative changes on a timely basis, for the most common retirement plan errors.

Failure to follow participant loan rules & violations of IRC 72 (p)

VIDEO

Failure to follow participant loan rules & violations of IRC 72 (p)

This clip examines error #8, failure to follow participant loan rules and violations of IRC (p) for the most common retirement plan errors.

Failure to issue minimum required distributions

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Failure to issue minimum required distributions

This clip examines error #7, failure to issue minimum required distributions, for the most common retirement plan errors.

Failure to follow hardship rules

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Failure to follow hardship rules

This video clip examines error #6, failure to follow hardship rules, for the most common retirement plan errors.

Failure to properly administer automatic enrollment

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Failure to properly administer automatic enrollment

This clip examines error #5, failure to properly administer automatic enrollment, for the most common retirement plan errors.

Failure to include all eligible employees

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Failure to include all eligible employees

This clip examines error #4, failure to include all eligible employees, for the most common retirement plan errors.

Failure to timely apply forfeitures

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Failure to timely apply forfeitures

This video clip examines error #3, failure to timely apply forfeitures, for the most common retirement plan errors.

Failure to timely deposit deferrals

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Failure to timely deposit deferrals

This video clip examines error #2, failure to timely deposit deferrals, for the most common retirement plan errors.

Failure to use the correct definition of plan compensation

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Failure to use the correct definition of plan compensation

This clip examines error #1, failure to use the correct definition of plan compensation, for the most common retirement plan errors.

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