7 Common Retirement Plan Mistakes That Attract Audits

7 Common Retirement Plan Mistakes That Attract Audits

finance April 13, 2012 By: Ken Marblestone and Sue Pine, CAE

Retirement programs such as 401(k) plans are valued employee benefits that also require careful attention to administer. If you're aware of some of the common mistakes employers make, you're more likely to avoid expensive and time-consuming audits.

As CEO, you are proud that you have a retirement plan to offer employees. You are aware that the plan comes with certain responsibilities: A Department of Labor Form 5500 filing is due each year, for instance, and you should educate employees about the investment options your plan offers. The other details associated with the plan may or may not be delegated to another member of the team, who works with the plan provider to deal with day-to-day administration. But do you know just how much responsibility you still own as the plan sponsor? ...