Employee Benefit Plan Audits

Have all employees who are eligible per the plan document been given the opportunity to participate in the plan?
If your plan has an automatic enrollment feature, have newly eligible employees been automatically enrolled at the date of eligibility per the plan document?
Have all required communications been sent to all participants in the plan? Both current and terminated employees.
Have employee deferral changes been reflected in payroll in accordance with the plan document?
Have you read and understood your responsibilities according to the signed agreements and amendments with your service providers?
If a participant has taken a hardship distribution, have you stopped his or her deferrals for six months?
Are you following the definition of eligible wages per your plan document when calculating employee deferrals?
Are you remitting employee deferrals and/or loan repayments to the plan as soon as administratively feasible and in a consistent time frame period to period?
Have you obtained and maintained a file of the proper documents to approve a loan or distribution?
Do total wages per your census reconcile to the year-to-date payroll report?
Are you properly determining who is and who is not eligible to participate, according to the plan document?
Do total employee deferrals and loan repayment amounts withheld from employees’ pay, per payroll reports, equal employee contributions and loan repayments per the trust statement?

Ace Your Next Employee Benefit Plan Audit