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“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
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Search the News Archive
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16 Matching News Items |
| 1. |
Bradley Bartells, CPA via LinkedIn
Sept. 16, 2025
"When a plan changes custodians during the year, the transfer of assets from the old to the new custodian typically creates many recordkeeping challenges and audit issues.... Late remittances of employee contributions continues to be the most common issue noted [in] plan audits.... Plan sponsors are not reviewing the SOC-1 reports of the key service providers ... [D]efinition of compensation issues continue to pop up[.]"
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| 2. |
Bradley J. Bartells, CPA via LinkedIn
Jan. 15, 2023
"Plan Sponsors will want to make sure they are sending their RFP to CPA firms who have a specialization in these types of audits. Questions the Plan Sponsor will want to include in their RFP about potential CPA firms ... [P]rovide potential CPA firms with enough details and information about your Plan ... [and] about your Plan's operations ... Key information to include in your RFP [so that] the CPA firms [can respond] in their proposal."
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| 3. |
Bradley J. Bartells, CPA via LinkedIn
Feb. 19, 2025
"The problems caused by using the incorrect definition of eligible compensation are: [1] The participant is not allowed to defer and contribute the correct amount into their 401k account, and [2] Potentially, employer matching and other employer contributions are not correct."
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| 4. |
Bradley J. Bartells, CPA via LinkedIn
Dec. 20, 2023
"Designate someone at the Plan Sponsor as being in-charge and responsible for the audit.... Set up a calendar of key dates ... Provide minutes from meetings plan oversight committee.... Keep a summary list of key plan amendments and changes during the year.... Were there any plan testing failures? ... Were there any changes in the TPA, custodian, recordkeeper, or payroll provider during the year under audit? ... Timeliness of the remittance of participant contributions."
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| 5. |
Bradley J. Bartells, CPA via LinkedIn
Dec. 19, 2023
"In the event your 401k plan is selected for a [DOL] examination, detailed meeting minutes will show the DOL examiners that you are performing your plan oversight duties required by DOL regulations. If your company or the 401k plan is sued by participants, detailed meeting minutes will support your defense ... Here are a few simple tips for keeping detailed and effective 401k committee meeting minutes."
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| 6. |
Bradley J. Bartells, CPA via LinkedIn
Sept. 8, 2023
"SECURE and SECURE 2.0 did some amazing things to enhance and improve 401k plans. It will be years before we are able to truly understand and evaluate the impact of the various provisions on retirement accounts, but on the surface, all of these provisions are welcome improvements to 401k plans.... [Here are] few proposals to continue to improve the benefits participants will receive from their 401k accounts."
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| 7. |
Bradley J. Bartells, CPA via LinkedIn
Apr. 27, 2022
"Based on the concerns noted from the DOL, a plan that has crypto as an investment option will most likely be a bright red flag waiving in the face of the DOL, saying 'audit me!'.... Giving participants an investment option for their retirement account which has no tangible valuation metrics, and does not have trained managers to monitor the values is a significant risk which plan fiduciaries should avoid."
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| 8. |
Bradley J. Bartells, CPA via LinkedIn
Mar. 14, 2022
"[1] Designate someone at the Plan Sponsor as being in-charge and responsible for the audit.... [2] Provide minutes from meetings plan oversight committee.... [3] Keep a summary list of key plan amendments and changes during the year.... [4] Provide your audit firm with a list of key subsequent events occurring after the end of the plan year.... [5] Were there any plan testing failures? ... [6] Has there been any correspondence from the [DOL] or IRS? ... [7] Have there been changes in key personnel working with the plan? ... [8] Were there any changes in the TPA, custodian, recordkeeper, or payroll provider during the year under audit?"
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| 9. |
Bradley J. Bartells, CPA via LinkedIn
May 24, 2021
"Because 2024 is the earliest a [part-time employee (PTE)] could qualify to enter a 401k plan under this provision, plan sponsors may not be paying attention to this provision of the 2019 SECURE Act yet. However there are a few tasks and procedures plan sponsors and TPAs should be implementing now to ensure eligibility for PTEs is correctly applied on January 1, 2024."
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| 10. |
Bradley J. Bartells, CPA via LinkedIn
Feb. 10, 2021
"Most service organizations will have a SOC-1 report, and may also have a SOC-2 report. For purposes of a retirement plan audit, your audit firm will want the SOC-1 report, which is focused on the internal controls over processing transactions at the service organization."
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