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Retirement Plan Audits: Recognizing Plan Errors, Remedying Noncompliance, New IRS and DOL Audit Initiatives


Oct. 1, 2019
Recorded Online

Effective Procedures and Corrective Actions for 401(k), 403(b), and Other Retirement Plans

Note: CPE credit is not offered on this program

This webinar will guide ERISA counsel and plan sponsors on potential audit risks relating to their 401(k) and other retirement plans, as well as methods on how to bring these plans into compliance. The panel will discuss recent IRS and DOL audit initiatives, recognizing plan document defects, identifying other typical plan deficiencies, corrective actions, and insights into avoiding plan audits.

The IRS and DOL continue their heightened scrutiny of retirement plans. Plan audits typically reveal noncompliance issues that can result in substantial penalties for employers. ERISA counsel and advisers must understand IRS and DOL audit initiatives and procedures, identify audit risks, and take steps to remedy noncompliance.

Major compliance risks stem from the failure to recognize plan document defects, which is a specific area of focus during an IRS audit of a retirement plan. Effective as of Sept. 1, 2019, the IRS has expanded their determination letter program to allow plans to make any necessary remedial amendments and avoid heightened penalties.

Also, the DOL has focused, and continues to focus, on timely deposits of employee deferral contributions--so much so, that some employers deposit the deferral contributions before paychecks are issued.

Compliance risks include, among others, failing to notify and pay terminated employees, not updating plans to the latest ERISA requirements, and using improper amounts to determine employee compensation. Companies risk exposure to government penalties and sanctions, such as the disallowance of employer contributions and plan disqualification.

Listen as our panel of experts discusses current areas of IRS and DOL focus, correcting areas of noncompliance, and mitigating audit risks.


  • Recent IRS and DOL retirement plan audit initiatives
  • Recognizing plan document defects
  • Remedying compliance issues to avoid liability and penalties
  • Effective administrative procedures and corrective actions
  • Best practices to ensure compliance

The panel will review these and other key issues:

  • Identifying current areas of IRS and DOL focus
  • Recognizing plan document defects
  • Addressing and correcting areas of noncompliance
  • Determining employee eligibility and compensation
  • Making timely payments of deferral contributions
  • Updating plans to meet ERISA requirements
  • Minimizing audit risks

Faculty: Dannae Delano, Partner, The Wagner Law Group

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