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
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.
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.
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)?