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Many Sponsors Don't Know Plan Documents, Aren't Aware They're Fiduciaries
Bloomberg BNA Link to more items from this source
Nov. 10, 2014
"Some of the most common problems audits uncover in retirement plans come down to the basics: the plan sponsor must have a plan document, know where it is, and be familiar with what's in it ... Sponsors should also understand that 'internal controls' are a process, carried out by the individuals charged with plan governance, management and other personnel. The process is designed to provide reasonable assurance that the plan's objectives will be achieved in regard to the reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations[.]"

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