Six Tips for an Efficient Plan Audit

  1. 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
  2. Be prepared to explain terms of the plan
  3. Be prepared to explain operation of the plan
  4. 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
  1. Be prepared to explain internal administrative processes
    • Practices and procedures
    • Internal controls
  1. 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)