Top 10 Plan Compliance Errors

By NAPA Net Staff • 11/13/2014 • 0 Comments

From a post on BenefitsPro by Heidi L. LaMarca of the Atlanta-based CPA firm of Windham Brannon, here is a list of the top 10 mistakes auditors catch: 

  1. Late or erratic payment of employee deferrals
  2. Oversights in calculating employee contributions
  3. Misunderstanding the vesting period
  4. Disregard for break-in service rules
  5. A growing number of forfeiture accounts
  6. Incorrect tax witholdings when employees take distributions
  7. Mistakes with profit-sharing contributions
  8. Mishandling employee requests
  9. Disconnect with service-provider contracts
  10. Overlooking the plan's eligibility requirement

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