What is an AUP? An Agreed Upon Procedures (AUP) engagement is designed for a practitioner to perform specific procedures over a specified subject matter. For employee benefit plans, this would encompass us testing select transactions, processes, and procedures over the employer sponsored employee benefit plan. Once the procedures are…
Part 1: Eligible Compensation Part 2: De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Part 4: Timely Remittance Part 5: Long-Term Part-Time Employees Part 6: Secure Act 2.0 Changes Of Note: The 401(k) 2024 IRS contribution limits for employees is $22,500, with…
Part 1: Eligible Compensation Part 2: De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Part 4: Timely Remittance Part 5: Long-Term Part-Time Employees The long-term part-time employee is a SECURE Act and SECURE 2.0 Act change which goes into effect after December 31,…
Part 1: Eligible Compensation Part 2: De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Part 4: Timely Remittance Common Finding Per the IRS and DOL, retirement plan withholdings should be remitted to the Third-Party Administrator (TPA) or Custodian/Trustee as soon as “administratively feasible.”…
Part 1 – Eligible Compensation Part 2 – De Minimis Balances of Terminated Employees Part 3: Maintaining Documentation Common Finding There are several documents that Plan Sponsors must retain. Examples include, but are not limited to, enrollment forms, declination forms, change in election forms, management’s approval of…
Read Part 1 Part 2: De Minimis Balances of Terminated Employees Common Finding De Minimis distributions should occur when balances are below a certain threshold, as defined by the Plan document. Most plans have a requirement for balances less than a determined value of $1,000 or $5,000. The maximum…
Part 1: Eligible Compensation Common Finding Plans have the ability to define the Plan’s eligible or ineligible compensation. It is vital that those involved in payroll are well aware of these delineations. The Company’s payroll calculations for employee retirement withholdings and employer match or profit-sharing benefit need to agree with…
