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Surviving a Retirement Plan Audit: Techniques and Tips for Efficient and Successful Audit Response and Outcomes

Learn the various types of audits for a retirement plan and how to respond to an audit when necessary.

Third-party administrators (TPAs) of retirement plans often market their services by describing them as "turn-key." Sponsors are therefore led to believe that they can purchase a retirement plan, enroll their eligible employees, and leave the remaining obligations of plan administration to the TPA and asset custodian. The reality is, however, that the tax and fiduciary requirements of retirement plan operation cannot be delegated completely away. When errors arise, it is, inevitably, the plan sponsor that must conduct due diligence, respond to a plan audit, correct any operational or other plan errors, and pay any required sanction or excise tax that is imposed because errors have occurred. Learn about the various types of audits that are required to be conducted internally or which may be opened in connection with plan administration. You will be given tools that will allow you to efficiently respond to an audit, whether initiated internally or externally. The information will teach those areas in which plan operational failures most often occur and demonstrate how internal controls will prevent the failures or allow them to be corrected before formal submission to the DOL or IRS is required. Finally, you will come away with tools that assist you in response to and management of government agency audits.

Runtime: 104 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Types of Plan Audits and the Goals of Each

  • Internal Audits
  • External or Agency Drive Audits
  • Merger and Acquisition Due Diligence

Identifying When an Independent Financial Audit or Fiduciary Audit Is Needed

  • Regulatory Guidance on Independent Financial Audits
  • Regulatory Guidance on Audits to Fulfill Fiduciary Duties

Most Common Operational and Fiduciary Errors and How They Happen

  • Common Errors Involving Tax Qualification
  • Common Errors Which Result in a Breach of Fiduciary Duty
  • Prohibited Transactions and Errors Which Give Rise to Excise Tax Liability

Internal Controls and Protocols for Correction When Controls Fail

  • Why Internal Controls Are Needed
  • Responding to a Failure in an Internal Control
  • Types of Failures and Protocols for Correction of Plan Failures (Demographic, Plan Document or Operational)

DOL and IRS Audits: Management of Agency Audits

  • Best Responses to the Howdy Letter
  • Taking Control of the Audit Process
  • Techniques That Get You to the Best Outcome
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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on October 21, 2020.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kathleen R. Barrow

Kathleen R. Barrow

Fox Rothschild LLP

  • Partner at Fox Rothschild LLP
  • Has nearly three decades of experience helping employers correct tax and fiduciary issues with payroll, executive compensation and employee benefits
  • Her national practice includes strategic assistance with ERISA matters, compliance programs and corrections of documentation and operational errors
  • Has a keen understanding of how and when to work with state and federal agencies, which contributes to her successful resolutions of tax issues with the U.S. Treasury and state and local tax authorities
  • Even with matters that involve millions of dollars in payroll and income taxes, her focus is to find solutions that mitigate burdens on impacted employees and avoid requirements to amend their personal tax returns
  • Clients include employers across a range of industries, nonprofit organizations, health care providers and school districts
  • Has handled cases that involve the U.S. Treasury Office of Tax Policy; the Department of Labor, Employee Benefit Security Administration; massive payroll corrections involving thousands of employees; and has led representation before the U.S. Tax Court, various U.S. District Courts and Courts of Appeals throughout the country
  • J.D. degree, with honors, University of Oklahoma College of Law; B.S. degree, with high honors, Nazareth College; M.B.A. degree, with high honors, Oklahoma City University
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407123
Published 2020
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