Evaluating Plan Document Compliance and Effectiveness. Jennifer Murphy-Zimmerman, CPA. Pre-approved plan? Is a current determination letter available?
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1 Evaluating Plan Document Compliance and Effectiveness Jennifer Murphy-Zimmerman, CPA Qualified Plans Pre-approved plan? Is a current determination letter available? Most prototype plans should have new letters see the IRS website for a list of approved plans. Are plan definitions being understood and applied? While it falls to the employees to track their individual accounts, they are relying on you to properly operate the plan. 1
2 Eligibility Who can join and when? Different classes of employees? Specific service requirements? Specific age requirements? Not all plans are created equal pay close attention to the requirements and amend the plan if new classes of employees are added. Common Eligibility Issues Improper exclusion of an employee: Contributions are due to the plan: Statement of net assets available for benefits will reflect the contribution receivable. Statement of changes in net assets available for benefits will reflect increased contribution income. Employer puts in 50% of the missed deferral. Employer puts in 100% of the match on the full missed deferral. 2
3 Common Eligibility Issues Improper inclusion of an employee: Refunds are due from the plan: Statement of net assets available for benefits will reflect the refund of excess deferral as a liability. Statement of changes in net assets available for benefits will reflect decreased contribution income. Match related to the excess deferral is moved to the forfeiture account. Amend the plan retroactively to include the employee. Compensation What is the definition of compensation according to YOUR plan? Salary? Bonuses? Commissions? Evaluate your deferrals have you always calculated this the same way? Did anything change? 3
4 Common Compensation Issues Incorrect compensation used in the calculation of contributions: Consider qualitative and quantitative significance (this could be a disqualifying event if left uncorrected); When was the error caught? Is there time to fix before the end of the year? Common Compensation Issues Compensation excluded from the calculation of contributions: Contributions are due to the plan: Statement of net assets available for benefits will reflect the contribution receivable. Statement of changes in net assets available for benefits will reflect increased contribution income. Employer puts in 50% of the missed deferral. Employer puts in 100% of the match on the full missed deferral. 4
5 Common Compensation Issues Compensation included in the calculation of contributions: Refunds are due from the plan: Statement of net assets available for benefits will reflect the refund of excess deferral as a liability. Statement of changes in net assets available for benefits will reflect decreased contribution income. Match related to the excess deferral is moved to the forfeiture account. Amend the plan retroactively to include the compensation. Contributions How much can an employee contribute? How much (if any) will the employer contribute and how? Matching contributions? Profit Sharing? Other? What are the limits? Be aware of the different ways contributions are allocated. 5
6 Common Contribution Issues Improper match allocation: Match should have been trued up at year end. Contributions are due to the plan. Match should not have been trued up at year end. Match related to the excess deferral is moved to the forfeiture account. Distributions Who can take money out and when? In-service withdrawals? Hardships? Forfeitures? Loans? Are they always calculated the same way? Who does the calculation? 6
7 Common Distribution Issues No documentation for hardships. It is the responsibility of the sponsor to retain the support. Improper reason for hardships. The reason for a hardship must be a preapproved reason. Experiencing financial difficulties is not a reason. Expenses Where is the money going? Assuming the trustee did his/her due diligence and the fees are all reasonable, are they being deducted properly? 7
8 Resources IRS Website DOL Website IRS Fix It Guides Sponsor/Fix-It-Guides-Common-Problems- Real-Solutions IRS List of Pre-Approved Plans Preapproved-Plans 8
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