401(k)-Profit Sharing Plan Internal Compliance Audit-Part 2 1.5 Credits
Form 5500 / Annual Administration
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Nov 14, 10:00 AM
ET
In the intricate world of 401(k) plan administration, understanding the nuances of Form 5500 and the annual compliance requirements is crucial for maintaining regulatory adherence and protecting participant benefits.
This CE Course is part two of a four-part series that covers broad topics that would be the focus of an IRS or DOL audit. It includes a discussion of all key parts of Form 5500-SF, 5500, and 5500-EZ, including benefit codes, key questions, and filing deadlines. In addition, some compliance issues are reviewed, including the coverage test and a variety of required notices to plan participants.
Key topics covered:
Join us as we dissect the challenges and solutions associated with IRS compliance audits for 401(k) plans. Also included are some changes made by SECURE 2.0 and the administration of various plan transactions, including loans, plan expenses, and new eligibility for Long-Term Part-Time employees.
Note: Part 2 of a four-part series addressing Internal Audits of 401(k) Plans. Part 2 is Form 5500 / Annual Administration. Because of the nature of the material, some of the topics will overlap from one part to another, and that relationship will be noted. There is no specific order in which the parts should be reviewed, as one does not necessarily follow another due to the nature of the topic.
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Stephen Abramson is the President and founding partner of APS Pension & Financial Services established in 1977, a mid-size consulting and actuarial firm employing twenty-two professional and support staff specializing in pension and pension-related services. For over 40 years, APS has been providing closely held businesses with financial services including pension design and administration, business succession planning, and wealth preservation planning. In 2015 APS Investment Management was established to provide fiduciary services to 401(k) and 403(b) plans and in 2018 APS Wealth Management, a Registered Investment Advisor (RIA), was established to provide investment management services to individual clients and retirement plans replacing his previous relationship with a Broker/Dealer. Steve has taught professional level education programs for the American Society of Pension Actuaries; lectured to various professional groups, including the National Conference of CPA Practitioners, The NYS Society of CPAs, Nassau Bar Association, the C.W. Post Tax Institute, and the National Institute of Pension Administrators; and conducted continuing education seminars for Certified Public Accountants for the past 35 years. He is co-author of Plan Smart, Retire Rich published by McGraw Hill in 1998; author of Advisor’s Guide to Qualified Plans originally published by Aspen Publishing in March, 2002 and recently in the process of being updated with the 8th edition, and Retirement Financial Management for Clients Approaching Retirement published by Aspen Publishing in August, 2002. A less technical version of Advisor’s Guide to Qualified Plans entitled Guide to Qualified Retirement Plans: A Plain Language Primer was published by the International Association of Employee Benefits in March 2005. The second edition of this book was released in 2008.
Steve graduated from Cornell University in 1964, earned the designation of Chartered Life Underwriter in 1967 from the American College, Certified Pension Consultant in 1970 from the American Society of Pension Professionals and Actuaries and Chartered Financial Consultant from the American College in 1972.
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