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Operational Compliance in a Highly Regulated Environment

The CPA journal (1975), 2022-07, Vol.92 (7/8), p.68-71

Copyright New York State Society of Certified Public Accountants Jul/Aug 2022 ;ISSN: 0732-8435

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  • Title:
    Operational Compliance in a Highly Regulated Environment
  • Author: Geller, Sheldon M
  • Subjects: Audits ; Compensation ; Compliance ; Deferred compensation ; Employees ; Employers ; ERISA ; Failure ; Fees & charges ; Fiduciaries ; Sanctions
  • Is Part Of: The CPA journal (1975), 2022-07, Vol.92 (7/8), p.68-71
  • Description: Many plan administrators mistakenly believe that recordkeepers monitor and plan auditors verify operational compliance. Because neither recordkeepers nor plan auditors are plan fiduciaries, they do not assume responsibility for compliant plan operation. [...]the plan administrator's role has become increasingly important as plan sponsors face new regulatory initiatives, robust enforcement activities, and additional audit representations. [...]it is advisable for plan administrators to immediately forward IRS correspondence received in connection with their plan to legal counsel, the third-party administrator, or their investment advisor to identify operational failures or plan document errors, take corrective action, and respond to the IRS. [...]plan administrators need to ensure operational compliance to avoid corrective employer contributions, monetary sanctions, IRS filing fees and legal fees in connection with self-correction necessary to preserve the tax qualified status of their plan and the tax-exempt status of the trust established as a part thereof.
  • Publisher: New York: New York State Society of Certified Public Accountants
  • Language: English
  • Identifier: ISSN: 0732-8435
  • Source: ProQuest Central
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