Compliance Crisis to Clean Slate: Preparing a 401K Plan for Clean Audit

Client: Technology company with Domestic and International Operations

Service: 401K Consulting

How it Started

Quick Thinking on a Late Notice

When a Controller was notified late by her third-party administrator that her company’s 401k plan required an audit that year, she knew she needed a firm that could do quality work on a compressed timeline. Luckily, because she had worked with Schneider Downs on several employee benefit plan audits at her previous company, she knew we were the ones to call. Our robust ERISA practice was more than capable of handling the quick turnaround she needed. We were ready to hustle when it became time to do their audit.

Out of Left Field

Navigating Risks with Corrective Action

As soon as we started reviewing the plan document, we noticed a major problem with the plan administration: the auto-enrollment procedures listed on the plan were not being performed. An error of this magnitude was a huge risk to the client since it could bring significant costs. Navigating the potential legal and financial ramifications required a practiced hand. After identifying the problem, we quickly had our in-house retirement experts step in to help the client identify and execute corrective actions. Our team helped them understand their options, calculate lost earnings, draft responses to notices as they came up and ensure compliance with DOL guidance. Because they had undergone some corporate mergers previously, we assisted their legal team with pinpointing their precise legal liability within the acquisition documents. We served as an ongoing resource for them, providing continuing counsel throughout the entire process of right-sizing their plan and correcting the problems.

How it's Going

An Ongoing Role in Unraveling Solutions

With our guidance, the client identified and executed the appropriate corrective actions for the issues, and today they have a clean plan and a smooth audit.

Years later, the Controller reached out to us again: this time on behalf of a sister company having trouble with their retirement plan. Overwhelmed by calls from employees complaining about employee contributions, loan repayment and timely remittance, they didn’t know where to start. Remembering how valuable our in-house retirement expertise had been in getting her own organization’s plans back on track, the client told their sister company that she had the perfect solution. Once again, we’ve rolled up our sleeves.

Compliance Crisis to Clean Slate: Preparing a 401K Plan for Clean Audit

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About Schneider Downs Audit and Assurance Services

Schneider Downs’ engagement teams are hand-selected by our shareholders based on skill sets and experience and are available around the clock for consultation. Each attestation engagement is subject to our comprehensive quality control and risk management system, providing an independent review of audit opinions, related financial statements and significant underlying working papers, to ensure that the highest levels of professional standards are met.  

To learn more, visit our dedicated Audit and Assurance page. 

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