401(k) statement on table with pen. Preventative steps to avoid errors.

Top 5 Errors Found in 401(k) Plan Audits

To avoid penalties, lost earnings for plan participants and extra expenses for TPA staff time, fiduciaries of 401(k) plans should take preventive steps to avoid five common errors.

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Forensic

The article Top 5 Errors Found in 401(k) Plan Audits by Jessica Roster and Rachael Bowman discusses preventive steps fiduciaries should take to avoid five common errors in 401(k) plan audits. Five common errors discussed include late deposit of participant contributions, failure to use forfeitures, failure to execute salary deferral elections, failure to operate as defined in the plan documents and adoption agreements, and failure to credit service as a temporary employee for temp-to-hire employees in determining eligibility.

Read full article here. Originally published in Benefits Magazine, September 2016.

Author: Jessica R. Roster, CPA, Partner

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Forensic