Tips on surviving a 401(k) audit?

[Guest Crystal]

We've just been notified by our client that their 401(k) plan is to be audited in April. It's our first audit and we don't want to miss any important steps in preparing for it. We're told it will focus on distributions and loans for the '98 pye. If anyone can assist with tips, suggested reading, etc. I'd greatly appreciate it!

[Dave Baker]

Here's your homework for the weekend - the full text of the IRS audit ("examination") guidelines for 401(k) plans is online at

http://www.irs.gov/retirement/article/0,,id=96954,00.html

You'll learn exactly what questions they'll be asking, and what circumstances the auditor is being told to look for.

[Guest Crystal]

Dave - I can't thank you enough! It'll be dry reading but I'm printing it now and making a fresh pot of coffee! Thanks for your help with this and all your work on the Boards!