Six Tips for an Efficient Plan Audit
- Have appropriate people available (e.g., trustee, representative with power of attorney, record keeper, actuary, employer personnel)
- Plan documents, including amendments, summary plan description, etc.
(include all prior versions requested)
- Opinion letters/determination letters
- Requested records efficiently organized
- Agreements with service providers
- Be prepared to explain terms of the plan
- Be prepared to explain operation of the plan
- Be prepared to provide all applicable test results (e.g., coverage, ADP/ACP, discrimination, top‐heavy)
- Administrative forms (e.g., salary deferrals, payment elections, spousal consents)
- Loan and hardship documentation
- Be prepared to explain internal administrative processes
- Practices and procedures
- Internal controls
- Be prepared to provide information about related employers/entities (consider utilizing annual self‐audit as a verification tool)
- Controlled groups
- Affiliated service groups
- QSLOB (Qualified Separate Lines of Business)
