Retirement Plan Plan Sponsor Internal Controls

November 20, 2012 at 4:50 pm 1 comment

In their recent Employee Plan News located at http://www.irs.gov/Retirement-Plans/Internal-Controls-are-Essential-in-Retirement-Plans, the Internal Revenue Service (IRS) has an article about internal controls.  They explain the importance of control and bring up good free resources that can be used.  In addition, they cite common problems they encounter.  For smaller plans in particular, discussing these controls with your vendors will be essential.  For example, you may need help from whomever prepares your document, if it is not done internally, in order to ensure it is being amended timely.

For plan sponsors, I suggest reviewing my posts regarding internal controls and your TPA. I recommend doing your research and ensuring you have found the best. You need to confirm that basic controls are in place. My experience is those who have no interest in procedures and quality review will give you every song and dance to explain why you do not need solid controls.  They are also the ones who eventually will cost you thousands of dollars in fines and corrections later down the road.

I discuss more on determining TPA qualifications in my book, A Short Guide to Finding a High Value, Low Fee Third Party Administrator (TPA) for Your Retirement Plan, available at amazon.com and https://www.createspace.com/3964647. My goal is to help plan sponsors make the best decision they can when selecting a  TPA. I understand how difficult a decision this can be when you do not know what skills and credentials to look for. I have created this book to ease the process and enable plan sponsors to make good choices through my insights from working in the industry.

Thanks for reading and have a wonderful day!   Please be sure to sign up for my blog and follow me on twitter.

I am not selling my own or any one else’s TPA services through this blog or my book.
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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

@ChristineGurney

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