401k Audit Issues With Plan Transfers: Identifying Change of Provider Issues in Annual Plan Audits
Auditor's Role in Ensuring Compliance With DOL Rules and Fiduciary Standards
Recording of a 110-minute CPE webinar with Q&A
This course will provide benefit plan professionals, including auditors and plan administrators, with a deep and comprehensive guide to the specific issues involving 401(k) plan transfers from one provider to another. The panel will identify the specific risks and reporting requirements involved in transferring plans, and will detail the auditor’s role in ensuring compliance with DOL rules and fiduciary standards. This program is a high-level topic exploration into challenges faced by auditors and plan administrators when a 401k plan is transferred from one provider to another, either by the plan sponsor or as part of a merger or acquisition of the company maintaining the existing 401k plan.
Outline
- Recording, reporting and communication issues pertaining to plan transfers
- Legal requirements and issues that arise with plan transfers
- Red flags for plan auditors
- Proper period recording
- Proper transfer of assets and liabilities
- Documenting authorization for transfer
- Auditors’ role in financial statement presentation
Benefits
The panel will review these and other key issues:
- What documentation must benefit administrators and auditors pay special attention to verifying in cases where a 401k plan has had a transfer from one provider to another?
- What is the auditor’s role in verifying the disclosures so the transfer will be accurately presented in the financial statements?
- Testing protocols in instances where plan transfers have occurred
Faculty
Jeffrey M. Holdvogt
Partner
McDermott Will & Emery
Mr. Holdvogt advises clients regarding a variety of employee benefits matters. His practice focuses primarily on... | Read More
Mr. Holdvogt advises clients regarding a variety of employee benefits matters. His practice focuses primarily on the design, amendment and administration of pension plans, 401(k) plans and nonqualified deferred compensation arrangements. He counsels privately and publicly held corporations regarding the employee benefits design and transition matters arising from corporate mergers, acquisitions and divestitures. He assists clients with internal compliance reviews and with voluntary correction filings for fiduciary violations and plan document and administrative errors. He also advises clients regarding fiduciary and plan investment issues under the Employee Retirement Income Security Act of 1974, including issues related to the holding of employer stock under 401(k) plans and employee stock ownership plans.
CloseAdam S. Lilling, CPA, CFA
Partner
Lilling & Company
Mr. Lilling specializes in auditing employee benefit plans, investment entities, broker-dealers, and real estate... | Read More
Mr. Lilling specializes in auditing employee benefit plans, investment entities, broker-dealers, and real estate companies. He is the Chairman of the New York State Society of Certified Public Accountants Employee Benefits Committee. His background in finance provides his firm a unique perspective to auditing investments. Prior to joining his firm, he was an associate analyst at UBS where he wrote company and industry research reports, developed financial models of covered companies, and advised clients on investment decisions.
CloseLisa K. Loesel
Partner
McDermott Will & Emery
Ms. Loesel focuses her practice on employee benefits matters, including the design, amendment and administration... | Read More
Ms. Loesel focuses her practice on employee benefits matters, including the design, amendment and administration of pension and 401(k) plans, nonqualified deferred compensation arrangements, and employee stock ownership plans. She counsels privately and publicly held corporations regarding the employee benefits design and transition matters arising from corporate mergers, acquisitions and divestitures. She advises clients regarding fiduciary and plan investment issues under ERISA,and also has experience counseling plan fiduciaries with respect to the claims and appeals procedures under ERISA. She assists clients with internal compliance reviews, voluntary correction filings under the EPCRS and applications for determination letters on tax qualification.
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