401(k) Self-Audits: How to Avoid Costly Errors & Stay in Compliance

Duration: 60 minutes

Regardless of the size of your organization’s 401(k) plan, self-audits are a business essential. Errors can invite extensive audits, leading to crippling fines and penalties. This seminar will show you how to self-audit your 401(K) plan, identify issues, and evaluate possible remedies well in advance of attention from the IRS or DOL.
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WHY ATTEND

401(k) plan errors discovered by the IRS or DOL can invite extensive audits, leading to crippling fines and penalties. Gross or repeated noncompliance can lead to forced plan termination and disqualification penalties.

That’s why compliance experts agree that regardless of your 401(k) plan’s size, an annual self-audit is essential. Even for plans that are required by law to conduct a third-party audit, an initial self-audit is essential for keeping you in control.

This seminar will show you how to self-audit your 401(K) plan, identify issues, and evaluate possible remedies well in advance of attention from the IRS or DOL.

In addition to the process for self-auditing, this session will also offer expert guidance on complying with applicable DOL and IRS requirements, how to avoid common Form 5500 filing mistakes, and give you updates on the current DOL and IRS reporting and disclosure requirements.

LEARNING OBJECTIVES

In this session you will learn about:

  • Common plan operation errors: How to prevent, spot and fix them
  • Preparing for the audit: Methods to increase your filing accuracy & correct errors
  • Common IRS & DOL red flags: How to avoid and handle a DOL or IRS audit of your plan
  • Avoiding costly mistakes to keep your company out of hot water
  • Annual audits: what to expect, how to prepare the documents and reports you’ll need
  • Best practices for plan fiduciaries - fiduciary charters, plan committees, operational and administrative compliance, identifying and correcting plan errors, and more

                    ABOUT THE SPEAKER

                    John A. Reade, Jr. is a partner in the Duane Morris Employee Benefits and Executive Compensation Practice Group and the Duane Morris Corporate Practice Group.

                    His employee benefits practice encompasses the entire area of employee benefits, including executive compensation and severance agreements, qualified and nonqualified plans, health and welfare plans, ERISA litigation, employee benefits issues in corporate transactions, fiduciary related issues involving prohibited transactions and qualified plan advice and representation of clients before the DOL, IRS and PBGC.

                    His corporate practice encompasses general corporate law with an emphasis on commercial finance.

                    Mr. Reade is a 1994 magna cum laude graduate of Syracuse University College of Law, where he was a member of the Syracuse University Law Review, and a magna cum laude graduate of Syracuse University.

                    Certification

                    This program has been approved for 1.0 recertification credit hour(s) through the HR Certification Institute (HRCI) & Society for Human Resource Management (SHRM).

                    What You Get With Each Option

                    Live Recording

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                    Participation in the live upcoming webinar

                    Recording

                    Recording Only

                    Full MP4 recording of webinar, including Q&A. Choose digital download or CD-ROM by mail.

                    Live and Recording

                    Live + Recording

                    Participation in the live webinar + Full MP4 Recording. For recording, choose digital download or CD-ROM by mail.

                    Event Package

                    Event Value Pack

                    Participation in the live webinar + Full MP4 Recording + Audio-only MP3 recording. For recordings, choose digital download or CD-ROM by mail.

                    What You Get With Each Option close

                    Live Recording

                    Live Only

                    Participation in the live upcoming webinar

                    Recording

                    Recording Only

                    Full MP4 recording of webinar, including Q&A. Choose digital download or CD-ROM by mail.

                    Live and Recording

                    Live + Recording

                    Participation in the live webinar + Full MP4 Recording. For recording, choose digital download or CD-ROM by mail.

                    Event Package

                    Event Value Pack

                    Participation in the live webinar + Full MP4 Recording + Audio-only MP3 recording. For recordings, choose digital download or CD-ROM by mail.

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