DO – educate your employees
DON’T – try to give investing advice
DO – have a trusted advisor, whether this is your TPA or an investment advisor.
DON’T – rely exclusively on your TPA or investment advisor.
DO – make sure your providers continue to “pass muster” (read their SAS 70 audit reports)
DON’T – assume that since you’ve been with your service provider for the past 10 years that they will continue to be the best choice (especially if the number of plan participants has either increased or decreased significantly over that 10 year period of time)
DO – talk to your auditor, especially if you are thinking of making significant changes to the way the plan operates. They might have additional insight into any potential administrative ramifications.
DON’T – assume that your auditor knows everything about benefit plans, especially in regards to regulations and related compliance.
DO – read your plan document and refer to it often.
DON’T – expect your auditor to know your plan better than you do, even if they do have a copy of the plan document.
Katie Thomas, CPA