Belgarath Posted July 8, 2019 Share Posted July 8, 2019 These audits are ridiculous. After the initial document/information request, the answers to which were properly and timely submitted to the DOL, they then came back some months later with a list of over 70 different requests - and any many of those questions have several sub-parts. All this for a nice, clean little non-audited 401(k) plan. Our tax dollars at work... Edited for typo. Link to comment Share on other sites More sharing options...
rr_sphr Posted July 8, 2019 Share Posted July 8, 2019 We went with 6 or 8 rounds and three in-person multiple day visits. Our auditor would forget she asked (and received) certain reports and ask for them again. Ours was small (<100 participants) but unfortunately had a major transition in the year audited (change in recordkeeper AND TPA and changed from a 403b/401a to a 401k). The new TPA at the time had an SME who later left. I came onboard the employer right as the audit started and it took a year! In the end we owed one penalty of $1500. But it was a very very big hassle to deal with two recordkeepers, balances that were combined, etc. So glad it's over! Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now