December 4, 2012 at 8:39 am Leave a comment

Christine Gurney Discusses US Pensions

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…

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Entry filed under: Retirement.

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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.

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