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- Title
Operational Compliance in a Highly Regulated Environment.
- Authors
Geller, Sheldon M.
- Abstract
Plan administrators who fail to operate their 401(k) plan in accordance with their terms, and are unable to retroactively amend their plan to reflect the plan's actual operation, will find themselves in a fiduciary breach that may result in unanticipated and significant corrective employer contributions and monetary sanctions. Columns Plan administrators named in the plan document, or acting as administration fiduciaries by filing Form 5500, must administer their 401(k) plan in accordance with plan terms and management's expressed intentions. Accordingly, it is advisable for plan administrators to immediately forward IRS correspondence received in connection with their plan to legal counsel, the third-party administrator, or their investment advisor to identify operational failures or plan document errors, take corrective action, and respond to the IRS.
- Subjects
401(K) plans; EMPLOYEE benefits; INDIVIDUAL retirement accounts; INDEXATION (Economics); MANUFACTURING defects; AUDITING procedures; LAWYERS
- Publication
CPA Journal, 2022, Vol 92, Issue 7/8, p68
- ISSN
0732-8435
- Publication type
Article