As a professional who assists in conducting hundreds of employee benefit plan audits each year, I have seen everything and heard so many lame excuses for the errors that we find. Some infractions range from plans allowing participation to ineligible participants, to not allowing eligible participants to participate timely, or even at all. Although the list of mistakes plan sponsors make is a long one, there are three common errors noted during our audits:
All Employee Benefit Adviser articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, podcasts, e-books, blog discussions, the iPad App, and conference discounts. Qualified members may also choose to receive our free monthly magazine for benefits professionals and any of our e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and product updates.