A recent article in Employee Benefit News, written by Keith R. McMurdy, outlined the documents Plan sponsors should have on hand in the event that the Employee Benefits Security Administration selects their Plan to audit.

These include but are not limited to

  • Plan documents and amendments
  • Summary annual reports
  • Fiduciary insurance and bond policies
  • Internal income and disbursement statements
  • IRS determination letters
  • Meeting minutes for committee or subcommittee meetings
  • Service provider contracts
  • Form 5500s
  • Documents related to service provider fees

If these documents are not readily available, the experience of collecting them from multiple sources is time consuming and difficult.  The Plan’s auditor may have some or all of the documentation required but it’s best that the Plan sponsor be proactive and ensure they have the documentation to prevent a stressful time crunch should the auditor come around.

Is your plan documentation close at hand should the auditor select your Plan?