Are You Ready for an Audit? - Spay and Associates

Several events can trigger a DOL or IRS audit, such as employee complaints or self-reporting under the annual submission of the Form 5500. Often times an audit is a random event, which is why you should always be prepared. Listed below are several key items typically requested in an initial letter sent by the IRS or the DOL in connection with a retirement plan audit. These items should be readily accessible by the plan administrator at all times the plan is in operation.

Plan document and all amendments
Summary plan description
Investment policy statement
Copy of the most recent determination letter
Copies of Forms 5500 and all schedules
Plan’s correspondence files (including meeting minutes)
Plan’s investment analyses
ADP and ACP testing results
Most recent account statements for participants and beneficiaries
Contribution summary reports (i.e., evidence of receipt of these monies by the plan’s trust)
Loan application, amortization/repayment schedule (for all loans)

If you have questions about preparing for an audit, or need plan design review assistance, please contact your plan adviser.

Posted on February 2, 2017 by retirementtimesnewsletter ACR#228312 01/17

Spay & Associates | 5465 Utica Ridge Road | Davenport, Iowa 52807 | Phone: 563-326-0960 | Fax: 563-823-0535

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