Summary
This document is a checklist designed to assist business leaders and HR executives in preparing for audits of their 401(k) and 403(b) plans. It outlines various regulatory issues that may impact these plans, including the provisions of the SECURE 2.0 Act, compliance testing requirements, and the importance of accurate payroll records. The checklist emphasizes the need for timely remittance of participant contributions and loan repayments in accordance with Department of Labor regulations. It also addresses considerations for self-employed individuals and leased employees, as well as the implications of workforce changes on plan termination rules. Additionally, the document provides guidance on scheduling audit planning meetings with key management members and auditors, ensuring that all necessary information is shared and timelines are established. Governance responsibilities, such as establishing a retirement plan committee and reviewing plan fees, are also detailed. Overall, the checklist serves as a comprehensive tool to facilitate a successful audit process.
