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Preparing for Your Plan Audit: Completion of a Timeliness Schedule
EisnerAmper Link to more items from this source
Mar. 8, 2022

"The timeliness schedule compares employee deferrals per payroll records to amounts remitted into the plan as employee contributions and loan repayments. This schedule allows the plan sponsor to quickly and easily identify whether there are any payroll periods where the deferrals were not sent to the custodian or if there was a delay in the remittance. A proper timeliness schedule includes the following steps: [1] Review payroll report ... [2] Obtain the contribution report ... [3] Perform a comparison ... [4] Determine discrepancies."

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