Internal Controls for Your Retirement Plan

June 17, 2013 at 9:19 am 1 comment

One of the best ways to maintain a problem-free retirement plan is strong internal controls. It is likely that your business already has internal controls in place to prevent errors and other problems that also aid in retirement plan administration. For example, balancing financial statements periodically to confirm deposits are made.

Procedures and assigned responsibilities regarding payroll, enrollment, disclosures, and investments need to be maintained. Records regarding participants and plan documents need to be retained. Documentation and review of plan design, service providers, and investment objectives are critical. Retirement plans are required to be administered in the best interest of participants and factors affecting selection, changes, performance, fees, and contracts should be preserved. These guidelines extend to ensuring you understand who and what your service providers are handling for your plan.

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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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