IRS has announced an increase in the audit activity and, in fact, identified those plans most likely be selected.  This could mean fines and penalties if a defect is identified in the operation of the plan or the plan document.  At PenServ, we recommend each employer conduct an annual fiduciary audit of the program to identify any unnecessary risks involved in the plan’s policies and procedures or the employer’s internal procedures.  The PenServ Consulting Group will assist you in identifying the responsibilities that may fall on your officers, owners, or directors, and prepare updated plan documentation and processes to reduce the exposure to these individuals.

PenServ Fiduciary Audit Services Include:

• Examination of employer internal controls
• Evaluation of plan policies and procedures
• Review of the investment program
• Identify existing company fiduciaries
• Pinpoint any areas of concern
• Prepare audit report and recommendations
• Draft new materials, checklists and/or internal controls
• Update and revise annual review

Call today for information on these and other plan compliance services that PenServ can offer. Call 1-800-849-4001 or email marketing@penserv.com.