Understanding 401 (k) Plan Audits: CPA, IRS, DOL
Overview:As a result of the economic tsunami, 401(k)s have come increasingly under fire. Regulators are sure to step up their enforcement activity. How you deal with 401(k)s in this new environment is critical for your company and its employees. Particularly daunting these days are audits. Don’t wait for a letter form the IRS before you act! Join this event and get the facts.
The Knowledge Group is assembling a panel of distinguished professionals and key regulators to help you understand 401(k) plan audits and its impact on your firm. We will explore this topic from two angles: CPA, and IRS & DOL audit related issues. The speakers will present their thoughts in a two-hour LIVE Webcast. Among the key topics to be discussed are:
- Requirements of 401(k) plan audits
- Responsibilities of plan managers
- Fees and expenses
- Planning and implementation
- Withdrawal of funds
- Tax consequences
- Up-to-the-minute regulatory updates
Enroll in this class by clicking the “Register” button below. Advanced registration is recommended as space is limited. Significant discounts apply for early registration.
General introduction, background and perspective
The IRS's perspective
Concluding remarks and Q&A
- Analyzing the responses to the 401(k) Compliance Check Questionnaire and using the results to develop compliance strategies to address issues identified in 401(k) plans, our fastest growing market segment, is a key FY 2011 Employee Plans, IRS Operating Priority.
- The important difference between 401(k) plan EPCU Compliance Checks and 401(k) plan EP Audits
- The Top 10 errors found during IRS 401 (k) Plan Audits and how to find, fix and avoid making these mistakes.
- Resolving 401(k) qualification issues through the Employee Plans Compliance Resolution System (EPCRS) and the importance of good internal controls to keep a plan qualified.
- Where to go for help; free IRS web-based products and tools to help 401(k) plan sponsors keep their plans qualified at www.irs.gov/ep
- The Amount Of Money In Plans Continues To Grow And For Many Will Be Their Largest Asset
- The System Is Trust Based
- The Greater The Amounts Of Money And The Greater The Number Of Participants The Greater The Scrutiny
- The Result Is Greater Emphasis On CPA Plan Audits And DOL Scrutiny Of CPA Plan Audits
- More Government Audits
- More Audits Are A Consequence Of Success
- Does you operational administration conform to the plan documents?
- Does you operational administration conform to legal requirements (for example, regarding nondiscrimination)?
- Do your plans conform to legal requirements?
- Are all required documents (plans, trusts, insurance contracts, adoption agreements, etc.) in place?
- Are the adoption agreements completed as intended? Is there an understanding of what the choices mean?
- Are all intended participants enrolled?
- Are loans and hardship procedures being properly administered?
- Are investment decisions being properly implemented?
- Are forfeitures being timely effected and reallocated?
- Are all assets annually allocated?
- Are all reimbursements to the sponsor being handled in accordance with plan documents and otherwise properly?
- Are all returned monies (revenue sharing, demutualization proceeds, etc.) being handled in accordance with plan documents and otherwise properly?
- Are there any related-party transactions which do not comply with legal requirements?
- Is the administration of investment choices being handled with sufficient procedures, allocation of responsibility, review, documentation and memorialization, and otherwise in accordance with legal and plan requirments?
Who Should Attend:
- HR Executives
- Benefits Managers
- Financial Team from Public Companies
- 401(K) Funds – Marketing Directors, Fund Managers
- Employee Benefits and Executive Compensation Practicing Lawyers
- Compensation and Benefits Consultants
Monika is the Director of Employee Plans Examinations. She serves as the Executive Sponsor for the TE/GE International Initiative and for the cross-functional Memorandum of Understanding on Promoter Investigations to deter and stop abusive schemes. She also serves as the IRS Executive Champion for 412 (i) Abusive Tax Avoidance Transaction enforcement efforts and for the Enrolled Retirement Plan Agent (ERPA) program that provides limited enrollment opportunities for un-enrolled preparers.
Monika has over 20 years of experience in IRS management positions. Her previous position was EP Area Manager, Great Lakes. She acted as Director EP Rulings and Agreements in FY 2005 after graduating from the Executive Readiness Program. Monika is an attorney, former Corporate Counsel, former Law Professor and a member of the CA Bar.
Monika is the Director of Employee Plans Examinations. She serves as the Executive Sponsor for the TE/GE International Initiative and for …
David L. Wray is the president of the Profit Sharing/401(k) Council of America (PSCA), a national, non-profit association of companies that sponsor profit sharing and 401(k) plans for over 6 million employees. He is a nationally recognized authority on 401(k) and other defined-contribution plan issues and he has testified before congressional committees and at Labor Department, Treasury Department, and Internal Revenue Service hearings. He was the 2004 chair of the Department of Labor’s ERISA Advisory Council, which advises the Secretary of Labor on benefits issues, and was a member of the Certified Financial Planner Board of Standards Advisory Board. He frequently speaks before trade groups, contributes to benefits publications and is quoted frequently in the media. He has written "Take Control With Your 401(k)" which was published by Dearborn Trade in June 2002. He served as president from 1993 to 1996 of the International Association for Financial Participation (IAFP), a Paris based alliance of national organizations that promote the use of employee financial participation.
David L. Wray is the president of the Profit Sharing/401(k) Council of America (PSCA), a national, non-profit association of companies …
Andrew L. Oringer, a partner in Ropes & Gray’s Tax & Benefits Department, leads the firm's ERISA and executive compensation practice in New York. Andrew counsels clients on their employee benefit plans and programs, benefits-related tax matters and fiduciary issues arising in connection with the investment of employee benefit plan assets.
Advising the firm's clients on employee benefits strategies in the context of corporate transactions, Andrew has been involved in the structuring of numerous large investment funds. He frequently counsels plan fiduciaries on investments and has been instrumental in designing novel structures to address complex issues. His advice to clients encompasses all aspects of corporate transactions and initial public offerings in which benefits and compensation issues play a central part, including transactions involving large leveraged Employee Stock Ownership Plans (ESOPs). He also represents employers and executives in the negotiation of executive employment and termination agreements.
Andrew L. Oringer, a partner in Ropes & Gray’s Tax & Benefits Department, leads the firm's ERISA and executive compensation …
Todd Castleton is a Senior Counsel with the Employee Benefits, Executive Compensation & ERISA Litigation Practice Center in the Washington, D.C. office of Proskauer. Todd partners with clients to provide effective and efficient administration and tax-qualified compliance of all forms of employee benefit plans. Todd represents clients in a broad range of industries, from health care to manufacturing to financial, and in sizes ranging from Fortune 10 publicly held companies to privately small businesses and unincorporated associations.
Todd Castleton is a Senior Counsel with the Employee Benefits, Executive Compensation & ERISA Litigation Practice Center in the Washington, …
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Method of Presentation:
On-demand Webcast (CLE)
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