The 401(k) plan has become a staple in corporate benefit packages offered by most Atlanta companies. Plans offer the chance to not only save for retirement but also have the added benefit of being tax free at the same time. While popular with employees, 401(k) and other benefit plans, are subject to several compliance regulations from the Department of Labor (DOL) as well as the IRS. When plans grow, so do the requirements that companies must maintain in order to remain compliant. In fact, these requirements can be so complex that the IRS created the Employee Plans Compliance Resolution System to easily resolve errors. An important milestone to consider is when a plan “graduates” from small to large plan status (plan exceeds 100 active participants) as it triggers an annual audit requirement. While the plan audit may seem just like the financial statement or other audits, there are important differences. This has led many to consider how to find the right benefit plan auditor. To help clients, prospects and others identify a quality plan auditor, Wilson Lewis has provided selection tips below.
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Your company’s 401(k), 403(b) or other benefit plan serves the retirement planning needs of current, prior and retired employees. Finding the right plan auditor to ensure proper compliance is an essential part of maintaining the plan. If you have questions about finding a plan auditor or need assistance with your next 401(k) audit, Wilson Lewis can help! For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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