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Relationship Manager for Defined Benefit/Cash Balance Plans Daybright Financial
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Managing Director - Operations, Benefits Daybright Financial
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Regional Vice President, Sales MAP Retirement USA LLC
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Cash Balance/ Defined Benefit Plan Administrator Steidle Pension Solutions, LLC
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BPAS
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Rome Was Not Built in a Day: Build Internal Controls One Step at a Time
The Business of Benefits
Dec. 4, 2013
"The IRS recognizes that gaps and hiccups will arise when comparing form, the plan document & design, to the plan's operations, administrative processes and procedural activities.... The IRS expects the plan sponsor to take three steps when gaps or hiccups arise. First, is finding the problem.... Second, correct the problem.... Third, but very certainly not the least important, the plan sponsor must strengthen their processes, procedures and internal controls with the intent to avoid gaps or hiccups in the future."
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