401(k) Audit Latest News and Updates

PriceKubecka will provide the latest news, tips and updates regarding the trends and regulations happening in the world of 401(k).


Your Company Needs a 401(k) Audit - What Now?

The first time your 401(k) plan is audited can be difficult, confusing and time consuming, but this guide should relieve some of the stress.  So now that your plan needs an audit, allow me to help prepare you for what’s next.



Specifically, we’re looking for the SOC 1 Type 2 reports from any outside organization that performs services for your 401(k) plan.  The reports essentially are report cards for these guys – they’re examinations that service auditors perform to look at the processes these companies follow


Put a SOC In It!




The TPA is responsible for common administrative tasks such as plan document maintenance, form 5500 preparation, creating match and profit sharing calculations, and performing non-discrimination testing.

It's Time To Get A Good TPA



401(k) Sponsor Pitfall #1: Poor Investment Choices That Lead to Lawsuits

Many plan sponsors have neglected their duties when it comes to providing a high-performing 401(k) plan; and many workers are beginning to notice.



401(k) Sponsor Pitfall #2:  Not Following the Plan Document

In auditing 401(k) plans, one of the most common problems seen is the plan sponsor's failure to follow the terms of the plan document.



401(k) Sponsor Pitfall #3: Employee Contributions

The 15th day rule is the most common rule followed by employers when remitting their employees contributions to their 401(k) plans.



Safe Harbor Plan for Business Owners

A successful business owner knows that finding and retaining top talent is one of the keys to running a successful business.  Providing valuable fringe benefits, such as a 401(k) match, is a great way to attract talent.



A Double-Edged Sword: Automatic Enrollment Features

Have you recently thought about adding auto-enrollment to your company's 401(k) plan? If so, there are a few things to be aware of before deciding.   First, what does auto-enrollment mean to the U.S. Department of Labor (DOL)?