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Structuring Retirement Plan Internal Controls Amid Heightened IRS and DOL Scrutiny

Webinar: ID# 1013939
Recorded CD or On-Demand
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About This Course:
Avoiding Violations with Plan Amendments, Target Date Funds, Investment Manager Agreements, Discrimination Testing and More!

This CLE webinar will provide ERISA counsel and advisors with the tools necessary to structure internal controls that mitigate expanded IRS and DOL audits. Our experienced panelists will provide best practices to avoid violations with plan amendments, target date funds, discrimination testing and more.

The IRS initiated an enforcement campaign focused on plan sponsors' internal controls in administering its tax-qualified retirement plans. The IRS has made it clear that by having a detailed control system, plan sponsors can avoid expanded audits. ERISA counsel should offer guidance to clients on processes that have been shown satisfactory in an IRS audit.

The sometimes more difficult and burdensome DOL audit focuses on proper plan practices and procedures. Without proper controls in place and implemented, plan sponsors can expect to face more scrutiny from the DOL auditor. One of the DOL's substantive areas of concern are the popular target-date funds for which the DOL recently issued guidance for plan sponsors.

Listen as our panel, experienced in DOL and IRS audits of retirement plans, highlights substantive areas of focus for both agencies. The panel will also provide specific guidance in establishing internal controls to address these areas and conducting internal preventive audits. Our authoritative panel will outline the substantive requirements for sponsors, identify common errors, and provide solutions for addressing and correcting problems before an audit occurs.

Outline
  • Overview of internal controls

  • IRS audits

    • Definition of Compensation

    • Plan amendments

    • Eligibility

    • Loans

    • In-service distributions

    • Suspension of benefits

    • ADP/ACP Testing

  • DOL audits

    • Target date funds

    • Consultant/investment manager agreements

    • Float

    • Revenue sharing/12b-1 fees
Benefits

The panel will answer the following questions:
  • How must plan sponsors implement internal control processes for tax-qualified retirement plans?

  • What substantive areas are of concern to the IRS and DOL?

  • What specific processes should be in place to minimize violations in IRS and DOL areas of concern?

  • What should plan sponsors consider when reviewing investment manager agreements and revenue sharing arrangements?
Attendees will learn the substantive areas of focus by the IRS in retirement plan audits and receive specific guidance for establishing internal controls to address these areas and conducting internal preventive audits. Attendees will gain knowledge about substantive requirements for sponsors by the IRS and DOL, common plan errors identified in audits, and solutions for addressing and correcting problems before an audit occurs.

Credits Available

This program has been approved for CPE credits through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

Processing

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.

Delivery

Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
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Structuring Retirement Plan Internal Controls Amid Heightened IRS and DOL Scrutiny
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