Fall 2010 issue of Horizons

General Topics

Trends in Retirement Plan Administration – CommonMistakes

By Wayne A. Isaacs, JD, CPA, CEBS

Administering retirement plans in today’s challenging environment requires plan

in order from one to ten with one generating the most mistakes. The theme for most of them is a failure of someone to act or taking action too late.

administrators who understand the ever-changing laws and regulations to determine how they apply to their plan. No matter how diligent they are, there are times when something slips between the cracks and they discover a mistake. It’s not the end of the world and, rest assured, there are ways to rectify any situation. The IRS periodically publishes a list of the top ten retirement plan error trends. They are listed

1) Failure to timely amend the plan document for required changes One of the most basic requirements for a plan sponsor to maintain a qualified plan is that the plan document must be updated for mandatory, discretionary and interim amendments. This applies regardless of whether plan sponsors have an individually designed plan document

Raise Your Expectations

27