401(k)-Profit Sharing Plan Internal Compliance Audit-Part 2 1.5 Credits
Form 5500 / Annual Administration
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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.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1.5 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02126-24-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02126-24-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1711) | 1 CE | Approved |
| Core Payroll Concepts for Certified Payroll Professional (CPP) (Approval No. 25CPE001) (Valid upto : Dec 31, 2025) | 1.5 RCH | Approved |
| Personal Financial Specialist (PFS) | 1.5 CPD | Eligible |
| Taxes for Chartered Financial Analyst (CFA) | 1.5 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1.5 CPE | Eligible |
| Chartered Financial Consultant (ChFC) | 1.5 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02126-24-S) | 1 CE | Approved |
| Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 332189) (Valid upto : Dec 31, 2025) | 1.5 CE | Approved |
| Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (ERPA) (Approval No. GEHNZ-Q-02191-24-S) | 1 CE | Approved |
| Certified Wealth Strategist (CWS) | 1.5 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 1.5 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1.5 CE | Eligible |
| Retirement Income Certified Professional (RICP) | 1.5 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02126-24-S) | 1 CE | Eligible |
| Estate Planning for Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC) | 1.5 CE | Eligible |
| Wealth Management Certified Professional (WMCP) | 1.5 CE | Eligible |
| Financial Services Certified Professional (FSCP) | 1.5 CE | Eligible |
| Core Payroll Concepts for Fundamental Payroll Certification (FPC) (Approval No. 25CPE001) (Valid upto : Dec 31, 2025) | 1.5 RCH | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1.5 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1.5 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02126-24-S) | 1 CE | Approved |
| Retirement Planning for Chartered Advisor in Philanthropy (CAP) | 1.5 CE | Eligible |
| Chartered Special Needs Consultant (ChSNC) | 1.5 CE | Eligible |
| Retirement Planning for Chartered Life Underwriter (CLU) | 1.5 CE | Eligible |
| CIPM | 1.5 PL | Eligible |
| Employee Benefit Plan Audit Quality Center (EBPAQC) | 1.5 CPD | Eligible |
| Chartered Advisor in Senior Living (CASL) | 1.5 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1.5 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02126-24-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02126-24-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1711) | 1 CE | Approved |
| Personal Financial Specialist (PFS) | 1.5 CPD | Eligible |
| Taxes for Chartered Financial Analyst (CFA) | 1.5 PL | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1.5 CPE | Eligible |
| Chartered Financial Consultant (ChFC) | 1.5 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02126-24-O) | 1 CE | Approved |
| Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 332189) (Valid upto : Dec 31, 2025) | 1.5 CE | Approved |
| Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (ERPA) (Approval No. GEHNZ-Q-02191-24-O) | 1 CE | Approved |
| Certified Wealth Strategist (CWS) | 1.5 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 1.5 CPD | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1.5 CE | Eligible |
| Retirement Income Certified Professional (RICP) | 1.5 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02126-24-O) | 1 CE | Eligible |
| Certified Plan Fiduciary Advisor (CPFA)/Qualified Plan Financial Consultant (QPFC) | 1.5 CE | Eligible |
| Wealth Management Certified Professional (WMCP) | 1.5 CE | Eligible |
| Financial Services Certified Professional (FSCP) | 1.5 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1.5 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1.5 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02126-24-O) | 1 CE | Approved |
| Retirement Planning for Chartered Advisor in Philanthropy (CAP) | 1.5 CE | Eligible |
| Enrolled Actuaries | 1.5 CE | Eligible |
| Retirement Planning for Chartered Life Underwriter (CLU) | 1.5 CE | Eligible |
| Chartered Special Needs Consultant (ChSNC) | 1.5 CE | Eligible |
| Chartered Advisor in Senior Living (CASL) | 1.5 CE | Eligible |
| Employee Benefit Plan Audit Quality Center (EBPAQC) | 1.5 CPD | Eligible |
| CIPM | 1.5 PL | Eligible |
Credits
Course Level
Instructional Method
Pre-requisites
Advance Preparation
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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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AR
Great overview of the 5500 Forms
ML
very helpful info
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