Typical Information Requested in a 401(k) Plan Audit

I recently read a great article at Hollandandhart.com concerning what one should expect in case their 401k is audited. Please see below.

Listed below are the items typically requested in an initial letter sent by the Internal Revenue Service or the Department of Labor in connection with a 401(k) plan audit. These items should be maintained and be readily accessible by the plan administrator at all times the plan is in operation.

By Both IRS and DOL:
• Plan document (including adoption agreement and prototype document), trust agreement, and all amendments.
• Copy of the most recent determination letter, other determination letters that apply to the years under examination.
• Copies of Forms 5500 and 5500-C, Annual Return/Report of Employee Benefit Plan, for the plan and any other pension plans sponsored during each year under examination; copies of all schedules, including Schedules A, B and SSA, if applicable; all applicable attachments, including the accountant's opinion, management letters, financial statements, and notes to the financial statements.
• Current fidelity bonds and riders/endorsements...

To read the rest of this article, please go to: Hollandandhart.com article link.

Integrity Financial Corporation’s flagship 401k client is the Association of Washington Business (AWB) in Olympia. AWB is Washington state’s premier advocate for the business community and is recognized as The State’s Chamber of Commerce. This plan has a BrightScope Rating of 76, placing it in the top 15% of all plans in its peer group. www.brightscope.com

Integrity Financial Corporation helps business owners and individuals build a financial legacy through well designed executive compensation and retirement plans. Our clients can expect to receive personalized service and expertise, built on a foundation of trust. Call us at 425-454-1254 for the Seattle or Bellevue area, or at 1-800-794-401k.

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