Message Boards Digest

October 5, 2020

Here are the most recently added topics on the BenefitsLink Message Boards:

NA2020 created a topic in 401(k) Plans

Benefit Plan Audit - What Are My In-House Responsibilities?

"I am an accountant and I was previously an auditor at a CPA firm who worked on benefit plan audits (Mostly 401(k) and Profit Sharing). I have since moved from public to industry and work as an accountant in the general accounting department.

My company is aware of my previous experience so had me reviewing some of the documents for our different retirement plan audits, seems harmless. However this seems to have escalated. They have now tasked me with a lot more responsibilities regarding the plan and the audits which seems odd. I have become the main contact for the audits, am sent the full document requests and am the employee expected to gather the information and relay to the auditors. I am also expected to keep track of the deadlines and make sure I'm reaching out to auditors and submitting whatever is needed. This includes doing the non-discrimination testing and reviewing forms on the servicer website as well as calculating our year end profit sharing contribution for employees.

As a side note, I don't actually have access to the HR or Payroll system so I have to request a large portion of items from HR and Payroll. In my experience, my contact with the clients was never someone in the accounting department. Once in a while there were certain things needed from the controller and obviously bank statement requests for remittance testing, but the people I worked with were always the HR/Payroll department.

I already have a significant amount of duties for general accounting so this whole extra responsibility seems completely inappropriate. Am I correct about this or no? I do still retain a decent amount of information from auditing but regulations change constantly and without regular review, in a year or two I could be completely uninformed. It also just doesn't seem like it should be my responsibility at all? Has anyone else ever had the main contact be an accounting personnel for all this?"

3 replies   |    70 views   |    Add Reply

thepensionmaven created a topic in Form 5500

Wrong EIN on Form 5500-SF

"This has happened on a few occasions, and has taken up to 3 months for IRS to correct on their end. Form 5500 was filed using the Trust ID# instead of the Sponsor ID#. IRS sent the client their usual CP-403 Notice. We immediately noticed the error and filed an amended return using the correct EIN and showed the incorrect EIN in Box 3b. We attached the EFAST Acknowledgement. As a response, IRS issued a penalty for the late filing of Form 5500-SF that reflected the correct EIN (the Sponsor EIN). Sound familiar? Anyone have a sample letter to the IRS in this regard, or we just have to 'wait it out' and hope IRS makes the correction on their end?"

0 replies   |    40 views   |    Add Reply

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