AlbanyConsultant Posted October 24, 2019 Posted October 24, 2019 A client just shared that the management letter from their audit "strongly suggested" that the plan sponsor (!) contact participants who were still invested in the Target Date 2010 and 2015 funds to remind them that they were in funds whose dates had passed. Am I crazy, or is this wrong on so many levels?I realize that you might not know me well enough to realize this isn't actually an "or" question... LOL
Peter Gulia Posted October 24, 2019 Posted October 24, 2019 Assuming there was no document that called for a fiduciary to do what the auditor suggests, among prudent responses to such a communication a plan's administrator might increase the care, skill, prudence, and diligence the administrator uses in its selection of an independent qualified public accountant. Mike Preston, david rigby, AlbanyConsultant and 1 other 1 3 Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com
Larry Starr Posted October 24, 2019 Posted October 24, 2019 4 hours ago, Peter Gulia said: Assuming there was no document that called for a fiduciary to do what the auditor suggests, among prudent responses to such a communication a plan's administrator might increase the care, skill, prudence, and diligence the administrator uses in its selection of an independent qualified public accountant. Nice! My kind of answer. Also, agreed that there clearly is no responsibility, but it certainly is not prohibited either. Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, MA 01089 413-736-2066 larrystarr@qpc-inc.com
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