How to Conduct a Successful Retirement Plan Audit

In the retirement plan industry, conducting regular audits is essential to ensuring compliance and optimizing plan performance. But how can you conduct a successful retirement plan audit and ensure you get the most value from the exercise?

Conducting a retirement plan audit is a requirement for large 401(k) and 403(b) plan sponsors governed by ERISA.

By following the tips outlined in this guide, you can plan your audit effectively, gather all the necessary information, review plan operations thoroughly, and report your findings clearly, concisely, and effectively. Ultimately, this can help to ensure that the plan is operating at its best and reduce the likelihood of time-consuming and occasionally expensive operational errors.